Hamdok: We have stopped printing banknotes since February to combat inflation

Sudanese Prime Minister Abdullah Hamdok announced that Khartoum has stopped printing money since last February, expecting that this will contribute to reducing inflation by the end of this year.

The Prime Minister said in an interview with “Al-Sharq” channel, yesterday evening, Friday, that “the reasons for inflation are the deficit financing policies and the printing of money.”

Hamdok indicated that the government has stopped printing money since the unification of the exchange rate last February, and added that this step will contribute to a significant drop in inflation by the end of the year.

Hamdok announced that a package of economic reforms will soon see the light, including the establishment of stock exchanges such as the Gold Exchange and the Gum Arabic Stock Exchange, which will contribute to eliminating smuggling.

He said that Sudan focuses on infrastructure and establishing projects to create an attractive climate for investment and investors, as well as exploiting the country’s agricultural and mineral resources. for investors.

He expected a number of foreign investments to enter the country, explaining that the World Bank would provide Sudan with $3 billion, and there were promises of about $2 billion, in addition to an agreement with Saudi Arabia to establish an investment fund starting with $3 billion and going up to 10 billion.
He stated that the state intends to benefit from these investments in rehabilitating the infrastructure and turning to agricultural manufacturing for export instead of exporting crude, in addition to training young people and qualifying them as labour.

The Prime Minister presented a detailed pleading on the economic reforms package carried out by the transitional government, one of the results of which is that the country is preparing to receive global investments.

“Sudan has become part of the global economy and has been able to access global financial and economic institutions and has obtained exemptions and great support,” he added.

At the beginning of this year, the government said that it was working to reduce inflation in the range of 95 percent, but the annual rate of change of goods and services continued to increase. Last July, the inflation rate reached a record high of 422%.