Port Sudan on Fire: Fierce Pursuits of the “Currency Mafia”

Security authorities in Port Sudan have launched an intensive security campaign targeting currency speculators in an attempt to stem the dramatic fluctuations in foreign currency exchange rates against the Sudanese pound.

The dollar crossed the 3,250-pound barrier on the parallel market, prompting the government to take strict measures to confront what it described as “destructive speculation” against the national economy.

In accordance with informed sources, security forces carried out raids and arrested a number of major currency traders who speculated on large amounts of foreign currencies, causing sharp fluctuations in the exchange rate.

The same sources indicated that these traders work for companies and economic groups outside Sudan, which deepened the crisis and exacerbated the collapse of the pound. The Sudanese pound fell to unprecedented levels, reaching 3,250 pounds against the dollar on the parallel market.