El Geneina, June 4(Darfur 24)
Markets in El Geneina, the provincial capital of West Darfur State, are witnessing a significant decline in purchasing power due to the scarcity of Sudanese banknotes and the fall of the Sudanese pounds against foreign currencies.
Closure of banks in Darfur cities due to the ongoing war between the Sudanese army and the Rapid Support Forces( RSF) contributed to the scarcity of banknotes in the Darfur region.
A tour by a “Darfur 24” correspondent in the city of El Geneina revealed that a huge scarcity of Sudanese pounds banknotes in the Katakt market, which specializes in foreign currency trading.
He pointed out that merchants adopted more than one price for one commodity due to the difference in the payment method, as those who pay using banking applications receive a commodity at a higher price than those who pay with banknotes.
Some merchants resorted to selling goods at higher prices if their value was paid for with smaller value banknotes.
El Geneina merchants deduct between 10% and 15% of the transfer value if they exchange money through banking applications for banknotes.
The Executive Director of El Geneina Locality, Issa Hammad, described to “Darfur 24” what is happening in El Geneina’s markets as “usury.”
He added: “Some weak-minded merchants took advantage of the economic conditions and began manipulating prices and the value of the Sudanese pound against other currencies.”
The existence of more than one price for one commodity due to the scarcity of liquidity was considered “usury.”