29 January 2018

Sudan: CBOs Obligates Banks to Hand Over Remittances to Expatriates in Same Currencies That Were Transferred

Khartoum — The Central Bank of Sudan (CBoS) has obliged all banks to hand over expatriate remittances in the same currencies that were transferred to them and it was agreed with the Sudanese Working Abroad Organ to offer some banking incentives for the expatriates.

The Governor of the Central Bank of Sudan Hazim Abdul-Gadir affirmed Monday that the CBoS has issued a number of decisions and guides to pave the way for the private sector and maximize its role in the import of commodities as well as the restrictions for the banks to exploit the available foreign exchange resources according to the foreign exchange usages determined by the regulations issued by the central bank.

As part of the bank's keenness on the resources and wealth of the country and the encouragement of the miners, the Central Bank of Sudan continued to buy all the gold produced at the world prices, which are considered rewarding for the producers in order to reduce the process of smuggling abroad.

The Central Bank Governor pointed out that all these decisions have had a positive effect on the flow of export proceeds. He pointed out that a number of those who banned have adjusted their situation and brought their export proceeds from abroad, adding that CBoS will re-pump them to banks for the purpose of importing essential commodities.

The CBoS governor also said that the decisions issued in the context of the central bank's supervision of foreign exchange transactions in order to enhance foreign exchange resources. He said that the bank would continue with all the concerned parties and the stakeholders to take the necessary decisions to rebalance the foreign exchange market.

Sudan

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