20 November 2017

Sudan: Hard Currency Black Market Dealers Face Charges of National Economy Sabotage, Terrorism Funding

Photo: Daily News
Cement (file photo).

Khartoum — The Government on Monday warned that legal measures and direct charges of sabotage of national economy, terrorism funding, and money laundry would be taken against those involved in hard currencies black market, no matter what their positions.

A meeting headed by the President of the Republic, Omar Bashir, on Monday said these charges will also be directed to those dealing in gold smuggling and those avoiding payment of exports revenues fees.

The minister for Finance and Economic Planning, Mohamed Osman Rikkabi, told a press briefing following the meeting that was held at the republican palace and which was devoted to measures and measures to streamline the unruly hard currency exchange, that a number of other decisions have been taken and policies on the long and short run adopted including halting purchase by any pubic company for hard currency, and that the central bank of the Sudan would regulate any future demands.

He said it was also decided that bank funding should be diverted to real production sectors and that purchase of companies with huge liquidities in hard currency be organized and placed under supervision and control.

He said the meeting has also decided that all measures be taken to end smuggling of subsidized commodities and goods to some neighboring countries.

The minister said travel by government officials would be rationalized and would be carried out only in case of extreme necessity and travel of government officials and heads of companies and institutions would be conditional with the approval of the council of minister.

He said the meeting decided to temporarily halt any funding for local trade, and that such funds be directed to the productive sectors and to transformational industries. The meeting, the minister said, has also decided to put a ceiling for airtime cash transfer, and that such a ceiling be agreed upon by the central bank and the National Corporation for telecommunications.

The minister said tough legal measures will be taken by the specialized attorneys, against any one dealing in illegal hard currency markets, those smuggling subsidized commodities and those smuggling gold

He said the Bank of Sudan would organized and issue policies and measures on purchase of gold to ensure that it contributes and is involved in the official economic and halting smuggling and purchase of basic commodities and services in cash

The Sudanese Attorney General Omar Ahmed Mohamed has meanwhile said the measures against those dealing illegally in hard currency is based on the fact that such practice is considered sabotage of the national economy.

He said the specialized attorneys and the attorney for combatting smuggling would handle those cases.

The Governor of the Central Bank of Sudan, Hazim Abdul Gadir, said the meeting which was headed by the President of the Republic Omar Bashir, adopted a number of decisions aimed to boost the capability of the central bank of Sudan and enable it control the foreign currency market, so that dealing would be carried out only through the institutions and bodies, as approved by the central bank.

The Governor said guidelines policies for import of luxury commodities was also adopted a matter that would, he said, curb demand for foreign currencies.

He revealed that the central bank would be issuing a number of measures that would enable the current pumping of unnecessary liquidity in the banking system and would veer the funds to the production sectors.

He said the funds being directed to the production sectors would avert the economy being affected by withdrawal of liquid money from the economy.

He said the meeting also discussed the unruly trend about the exchange rate and how to remedy the causes, objective and non-objective, behind this situation.

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