Inflation, exchange rates, and market disruption in Sudan before converted.

Sudan's currency lost value rapidly after the war began on April 15, 2023, and inflation stayed very high. This paper asks what factors affect the collapse and stability of financial markets during conflict, with a focus on Sudan. It compares inflation and exchange rates before and during the war, and adds press and institutional reports on market conditions. According to the IMF, inflation was 138.8% in 2022, 77.2% in 2023, and 185.7% in 2024, and Sudan's Central Bureau of Statistics reported 193.94% for July 2024. The parallel-market dollar rose from about 565 pounds in April 2023 to between about 7,500 and 8,400 pounds in September 2026, roughly 12 to 15 times higher, while two major banks quoted 3,750 and 4,200 pounds. The central bank's online archive that was checked showed no daily rates after April 12, 2023, so official rates cannot be compared across the war, and reported prices differ by source, day, and hour. The Khartoum Stock Exchange announced the resumption of secondary-market trading on September 1, 2026. The paper concludes that no single official indicator shows the full scale of financial stress in wartime, and that conflict harms financial markets through economic damage, disrupted banking, and weaker data. Status: This is a preprint and has not been peer reviewed.