The Sudanese government, in an effort to stabilize its crumbling economy, has introduced new banknotes and compelled the largely unbanked population to open bank accounts.
The initiative, launched in December, aims to render funds looted by the paramilitary Rapid Support Forces (RSF) worthless.
According to Finance Minister Jibril Ibrahim, the initiative has been successful, though he did not specify the amount of Sudanese pounds deposited.
Sudan has been embroiled in a two-year conflict between the army and the RSF, which has severely damaged the economy, devalued the currency by three-quarters, and left half the population facing hunger.
Ibrahim stated that the government’s move has significantly boosted bank deposits. “This helps the banking sector, and when you help the banking sector, that helps the state to finance projects, including the war effort and productive activities,” Ibrahim told Reuters in an interview.
What you should know
“All of our capital is deposited in the bank. When you need cash in the future, they won’t give you. You might spend a whole day to get 50,000 pounds ($20) or 100,000 pounds ($40),” said fishmonger Ali Moneeb.
On April 15, 2023, Sudan was plunged into conflict as longstanding tensions between army chief Abdel Fattah al-Burhan and paramilitary Rapid Support Forces (RSF) leader Mohamed Hamdan “Hemedti” Dagalo erupted into war.
More than half of all attacks, 4,858 or 54 per cent of all recorded incidents, have been documented around the capital, Khartoum.