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Sudan announces measures to attract international remittances

FIle photo of Sudanese currency [againstthecompass.com]
FIle photo of Sudanese currency [againstthecompass.com]

Sudan announced new measures on Sunday to encourage citizens living abroad and exporters to transfer their foreign currency through the country’s banking system. Minister of State for Finance and Economic Planning, Dr Abdul Rahman Dharar, told Anadolu news agency that the measures include controlling the Sudanese pound exchange rate against the US dollar and moving the official rate to 18 pounds per dollar.

“Moving the official price is the starting point for reaching a stable exchange rate,” explained Dharar. He did not specify the rate to be added by the Central Bank to the new exchange rate for expatriates and exporters. Nevertheless, he added that citizens abroad will enjoy special rates for the transfer of foreign currency to Sudan, coinciding with strict measures to control the black market.

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“Bank transfers to and from Sudan have become easier after the lifting of economic sanctions by the US,” said the minister, “and the Saudi banks’ decision to allow transactions with Sudanese banks.”

The government in Khartoum is expected to bridge the budget deficit of 2018, which has reached 28 billion pounds ($4.1 billion), by borrowing from the banking system and foreign loans.

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