4 February 2018

Sudan: Central Bank Announces Rewarding Returns to Exporters, Reviews Import Controls

Khartoum — The Central Bank of Sudan (CBOS) has announced its determination to provide attractive returns to exporters and to review import controls to rationalize the use of foreign exchange, stressing the need to block the leakage of foreign exchange resources to the parallel market.

The Governor of the Central Bank of Sudan Hazim Abdul-Gadir asserted Sunday, in the framework of his consultations with the managers of all the banks working in the country, the need for cooperation and coordination between the Central Bank and the commercial banks for the good exploitation of foreign exchange resources of the export proceeds of the country and direct them to meet the imports of basic needs of the necessary goods and inputs of agricultural and industrial production.

The CBOS governor said that the bank would review the import controls to rationalize the use of foreign exchange by canceling import operations without value transferring and restricting the use of free accounts and self-resources, while allowing free accounts to be fed from different sources. It was also stressed that the clients' accounts and deposits in foreign exchange will remain in banks without encroachment on them.

Abdul-Gadir pointed out that the Central Bank would link import operations with its prior approval, revealing that CBOS will review the import documents with commercial banks.

The CBOS governor called on the managers of all banks to ensure the reliability of the clients and their eligibility for export to ensure the return of the export proceeds for the country not to lose millions of dollars, pointing to the experience of the companies which were recently prohibited.

Meanwhile, the Governor of the Central Bank touched on the rumors circulated in the various media about the ceiling of withdrawals from banks, urging the general managers of the banks to assure their clients that no decision was issued by the Central Bank to set a ceiling for withdrawals and that which has been circulated on the issue was mere baseless allegations.

The CBOS governor revealed issuance of a decision by the President of the Republic on monopolization of the Central Bank of Sudan for the purchase and export of gold, stressing the central bank's efforts to attract more liquidity inside the banking system and to activate the points of sale and electronic banking services.

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