Sudan: Dr. Al-Badawi - Export's Dollar Exchange Rate Will Be Reconsidered

Khartoum — The Minister of Finance and Economic Planning Professor Ibrahim Al-Badawi has explained that the dollar exchange rate was linked to several determinants, the most important of which is the balance between the local component of the local money quantity and the foreign component of the foreign monetary supply, explaining that the Ministry of Finance and the transitional government inherited a deteriorating situation from the defunct regime. Dr. Al-Badawi revealed, after a meeting held on Monday in the premises of the Ministry of Finance, in the presence of the Ministers of Energy and Mining, Industry and Trade, the Governor of the Central Bank of Sudan and a representative of the private sector, that the state has been struggling in collecting foreign exchange resources, adding that they are looking forward, within the framework of the new policy, to regulate the gold market and increase in revenues, pointing out that the Ministry of Finance will, through open tenders, provide foreign exchange for importers of strategic goods, production inputs and capital goods necessary for agriculture. The Minister assured that the export dollar exchange rate (different from the customs dollar) would be considered in order for the contribution and emergence of Sudanese strategic goods such as sesame and gum Arabic in the Sudan foreign trade accounts and not to the accounts of other countries by taking incentive policies for the exporter to achieve several goals in the interest of the Sudanese economy, the first of which is that The export proceeds come in full and secondly to give a rewarding exchange rate for expatriate transfers to pave the way for these transfers to come through official channels to weaken the parallel market, since the radical antidote is the policies that stimulate the private sector, give favorable exchange rate and through rapid procedures for the exporter to enable the private sector to play its role in the export of agricultural and mining commodities.

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