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Economic experts: ‘More Sudanese Pounds need to enter the banking system’

February 21 - 2020 KHARTOUM
file photo
file photo

Just 17 to 20 per cent of all Sudanese Pounds are pass through the banking system. This has to change if the exchange rate for the Sudanese Pound is to stabilise, says Adil Khalafallah, engineer and member of the Economic Committee of the Forces for Freedom and Change.

Khalaffah stated in a press statement that at least 80 per cent of all economic activities operate in what is known as the ‘shadow economy’.

This causes unstable prices for commodity goods, because these goods are monopolised, hoarded, or smuggled from abroad, just to make the most profit out of the exchange rate.

Banking expert Dr Loay Abdelmoneim stressed that the only way to ensure that money returns to the banking system is to combat money laundering, financial corruption, tax evasion, and excessively high prices.

 


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