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More than 70% of Sudanese banks have completely withdrawn from service after the national currency lost over 50% of its value in recent times. The number of closed branches includes 39 government and commercial banks.
Currently, the exchange rate for 1 USD in Sudan is around 1100 Sudanese Pounds, compared to 600 pounds before the conflict erupted, resulting in an estimated loss of around 45 trillion pounds for the banks.
The Central Bank of Sudan confirmed in a statement on its official website that banks have been subjected to widespread looting and sabotage since the beginning of the conflict. In September of last year, the central bank pledged to mitigate the damage to the sector and address the depreciation of the national currency. However, the past three months have seen dozens of bank branches cease operations in central and western states of Sudan due to the widening impact of the conflict, coupled with a significant decline in the value of the Sudanese pound.
Measures taken by some banks, including significant workforce reductions and mandatory leaves for a large percentage of employees, have raised serious concerns about the stability of the country’s banking sector. According to the World Bank and the International Monetary Fund, Sudan’s economic growth contracted to minus 18%, with production halting in most regions and poverty rates rising to over 65%.
It is anticipated that the Sudanese banking sector will require several years to recover from its current crisis, especially considering the war’s impact on the country’s overall economy.