Bank of Sudan Announces New Export Controls

The Central Bank of Sudan announced new controls to regulate exports using the advance payment method.

A statement circulated by the Central Bank to banks, of which Almohagig obtained a copy, prohibits the transfer of proceeds from abroad and does not allow banks to receive transfers of export proceeds from countries other than those to which they are exported.

The statement stipulated that the transfer be by order of the importer abroad whose name is mentioned in the contract issued by the Ministry of Commerce.

The Central Bank set the maximum time limit for carrying out export operations as 3 months from the date of adding the proceeds to the bank’s accounts.

It was explained that if the exporter does not adhere to the time limit, the Central Bank can consider the extension letter submitted by the exporter, provided that the extension is only one time, or that the amount paid is in exchange for another export transaction approved by the Central Bank for the same country and the same source, and it is not required that it be the same commodity.