Head of Gum Arabic Exporters: How the Deterioration of the National Currency Can Be Stopped

Sudanhorizon- Nazik Shamam

The head of the Gum Arabic Exporters Division drew a road map to stop the continuous deterioration of the national currency against foreign currencies.

The head of the division, Ahmed Al-Tayeb Al-Annan, considered that the reasons for the deterioration of the currency were mixed between economic, political and security factors.

Al-Annan said in a statement to the Sudanhorizon & Almohagig news websites that economic policies are difficult to succeed alone in these circumstances unless they are integrated with political and security policies.

Al-Annan called for reforming the trade balance, indicating that when exports are less than imports, foreign payments increase and the demand for free currency increases.

He pointed out that Sudan could move urgently towards foreign alliances, with willing nations such as Russia, and in return, Sudan would ask for wheat, fuel, and weapons, so the payment of bills would decrease and the demand for the dollar would decrease, especially for
government purchases.

Al-Annan stressed the importance of working to recover important cities such as Madani, Sennar, and Sinjah from the rapid support to bring reassurance to the financial sector and open production areas to begin meeting food demand later, considering that this issue is important, and if the army pays losses there, it will cover the economic losses and keep the currencies inside.

The head of the Exporters Division stressed the need to wage a real war on currency trade so that the capital used in currency trade is transformed into alternative investments while controlling the money supply from the Bank of Sudan.

Al-Annan pointed out the importance of increasing gold exports by increasing its local price from producers instead of smuggling and closing the smuggling outlets for the remaining exported goods, especially the Dabba region and Chad while stopping the advance payment for Sudanese exports, as it is currency trade under the guise of exports.

He noted the possibility of forming a committee of experts, economists, exporters, and suppliers to increase and improve the proposals.