13 March 2018

Sudan: New Currency Rules for Sudan Export Revenues

Khartoum — The periodic meeting for adjustment of the Sudanese exchange rate approved opening investment in uranium after consulting with the security authorities. The government has also announced new measures to curb currency speculation.

This has been announced following a meeting under the chairmanship of President Omar Al Bashir at the Republican Palace in Khartoum.

Penalties for delaying deposit of export revenues:

Minister of Trade Hatim El Sir said the meeting recommended stimulating the authorities that control the smuggling of minerals and foreign exchange, as well as amendments to the Trade Act.

Currency speculation

The most important of these amendments - aimed to discourage currency speculation - is the criminalisation of delaying the deposit of export revenues of the Sudanese goods with the most severe penalties.

The director of the Bank of Sudan, Hazim Abdelgadir said that the meeting has approved amendments to the foreign exchange act and the tightening of penalties on the smuggling of cash and gold, this together with the establishment of a special mechanism for the flow of medicine

He said that in the coming period the Bank of Sudan will focus on the provision of local liquidity to the commercial banks and ATMs.

A number of customers in Khartoum and El Gezira have complained of their inability to draw their money from ATMs due to lack of cash.

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