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Sudan denies liberalisation of exchange rates, announces new import measures

October 5 - 2018 KHARTOUM
Mohamed El Zubeir, Governor of the Central Bank of Sudan, Oct. 2018 (SUNA)
Mohamed El Zubeir, Governor of the Central Bank of Sudan, Oct. 2018 (SUNA)

The president of the Central Bank of Sudan has denied plans to entirely liberalise the exchange rate of the Sudanese Pound (SDG). He said the cabinet approved new measures related to exports and imports instead.

In a press statement following an emergency meeting with the cabinet on Thursday, President Mohamed El Zubeir announced new import and export measures, including cancellation of the ban on the import of 17 luxury goods.

Instead of concentrating on adjusting customs fees rates, the import “will be rationalised,” he said.

El Zubeir denied reports earlier this week saying that the government planned to completely liberalise the exchange rate of the Sudanese Pound, and said there will be no changes concerning the SDG exchange rates of the Sudanese Pound, including the customs rate of the US Dollar.

Import priorities will be set for fuel, wheat, sugar, medicines, and agricultural, industrial and medical requirements. The bank will assign foreign currency resources received from gold and non-petroleum export revenues to importers of these commodities.

The new export and import measures will be followed by additional measures in the coming budget to boost these policies.

In this way, sufficient quantities of commodities will be imported to meet the local needs and the agricultural, industrial, and transport sectors will be enhanced, the bank president stated. This will lead to food security and improved living conditions in the country.

With regard to the price of gold, the Central Bank will regularise the prices of the precious mineral according to international tariffs.

He further said that the new measures “will give exporters the real price of the Sudanese Pound” as “the export exchange rates will be determined by an independent mechanism consisting of experts and bankers.

“That measure will give exporters a profitable price,” El Zuheir claimed. He added that the new rate will be applied to all export goods and all remittances including those of expatriates.


 


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