Home | News    Wednesday 3 June 2009

Sudan imposes new restrictions on hard currency purchases


June 2, 2009 (KHARTOUM) – The Sudanese central bank announced today that it is imposing a new cap on the amount of hard currency available to individuals travelling abroad.

JPEG - 11.6 kb
Sudan Central Bank

Sudanese media quoting the banking authority said that foreign exchange bureaus are only allowed to sell the equivalent of 1,500 Euros to travelers compared to 3,000 Euros in the past.

A third of the amount would be given in cash while the remaining amount will be wired to the buyer in the country he is departing to.

Furthermore the traveler would have to submit supporting documents as proof to his destination and his address.

The pro-government Al-Rayaam newspaper said that the exchange bureaus were also barred from dealing with diplomatic missions, regional or international organizations working in Sudan.

The new rule was justified by the central bank as a response to the quickly depleting foreign currency reserves. Sudan does not publish reports on the foreign reserves.

“The request is ... in line with the policy of the Bank of Sudan to minimize the demand for foreign exchange” Mohammed Osman, an official in the bank’s policy unit told Reuters.

“We have had a big drop in our Forex reserves” he added.

In April Sudan’s central bank governor Saber al-Hassan said that oil revenue accounts for 80% of cash inflows.

Al-Hassan said that the central bank is losing 80% of oil revenue “which created additional burden” and noted that foreign investments from Arab Gulf states in particular as well as outside aid were negatively affected by the credit crunch.

The global financial crisis has sent oil prices down sharply from its record levels reached last year. Sudan is heavily dependent on oil exports to fuel its economic growth and to provide hard currency.

Sudanese businessmen have complained that lack of hard currency is restricting their ability to import and have led to low supply of some products raising its prices to the customer and therefore curtailing its demand.

Last March Sudan central bank set ten classes of people allowed to buy foreign currency which includes travelers for leisure or medication, students, participants in conferences, foreign workers and pilgrims.

Sudan is under US sanctions imposed since 1997 that includes 31 government owned companies which limits their access to US financial system and US dollars.


Comments on the Sudan Tribune website must abide by the following rules. Contravention of these rules will lead to the user losing their Sudan Tribune account with immediate effect.

- No inciting violence
- No inappropriate or offensive language
- No racism, tribalism or sectarianism
- No inappropriate or derogatory remarks
- No deviation from the topic of the article
- No advertising, spamming or links
- No incomprehensible comments

Due to the unprecedented amount of racist and offensive language on the site, Sudan Tribune tries to vet all comments on the site.

There is now also a limit of 400 words per comment. If you want to express yourself in more detail than this allows, please e-mail your comment as an article to comment@sudantribune.com

Kind regards,

The Sudan Tribune editorial team.
  • 5 June 2009 13:36, by Olatipol

    This is a comment to the topic,’’sudan imposes new restrictions to hard currency purchases’’.

    Much as it is important for the central bank to maintain a favourable level of it foreign reserve given the current prevailing economic crisis, unless otherwise,i see this move may not reach it, as projected by the central bank.

    How shall the central bank ensure that an individual only purchases the 1,500 set as a maximum amount yet, i believe, there are other local dealers in foreign currency within the country willing to sell any amounts to any person?

    This brings in the question: "What happens to the person who needs, say USD./Euro. 2,000 +, yet he can not wait to purchase the following day?". It is highly likable that he will go get from the next available dealer, and so forth till he accumulates the amounts he needs.

    Given the possibility of the existence of the non-registered dealers, is there any "watchful - eye" in place to monitor their activites? What effective measures,if any,are there to ensure that this move is a success?
    Unless otherwise, I just do not see it reaching there.



    repondre message

Comment on this article

The following ads are provided by Google. SudanTribune has no authority on it.

Sudan Tribune

Promote your Page too

Latest Comments & Analysis

The AUHIP needs to revisit its modus operandi 2018-12-15 19:00:42 By Gibril Ibrahim The latest round of the African Union High-Level Implementation Panel (AUHIP)’s consultations with Sudanese parties in Addis Ababa (December 9 -13) ended in failure for reasons (...)

The influence of facetious leaders in South Sudan 2018-12-03 18:44:28 By Daniel Abushery Daniel It's like that old saying, "Everybody's talking about the weather, but nobody ever does anything about it:" Public consultation is essential and healthy where there are (...)

Will Khartoum peace agreement bring reform or maintain tyranny? 2018-12-01 05:41:01 By Duop Chak Wuol Known for operating with a vicious precision, his trademark is ruthlessness, and how he manoeuvres his political rivals is irrefutably effective. Salva Kiir, the man in (...)


Latest Press Releases

Progress observed at end of second month of R-ARCSS implementation 2018-10-22 06:44:02 Press Release 21 October 2018 South Sudanese government released 24 detainees in the implementation of the revitalized peace agreement said the International Committee of the Red Cross (ICRC) (...)

4th Annual Tony Elumelu Foundation Entrepreneurship Forum Announced for 25th October 2018 2018-10-15 12:38:14 PRESS RELEASE OCTOBER 14, 2018 Africa’s leading entrepreneurship-focused philanthropic organisation, the Tony Elumelu Foundation (TEF), has announced October 25, 2018, as the date for its (...)

Unity State community in Kenya supports Khartoum peace agreement 2018-08-17 08:33:21 PRESS STATMENT 14th Aug, 2018 Re: We shall Rally behind Khartoum Peace Agreement The Unity State Community Association in Kenya was established in 2010 to organize and mobilize the people of (...)


Copyright © 2003-2018 SudanTribune - All rights reserved.