Central Bank is Making Amendments to Export Controls

Sudan Events – Rehab Abdullah

The Central Bank of Sudan issued a circular in which it made an amendment to the controls for regulating exports using the advance payment method in accordance with the Money Dealing Regulation Act of 1981 and Article 20 of the 2013 Cash Dealing Regulations for the purpose of regulating the proceeds of exports of other goods and exports to neighboring countries via land crossings and through the advance payment method.
The circular obtained by Sudan Events allowed the use of the advance payment method when exporting, provided that they commit to transferring the proceeds from abroad. Banks are not allowed to receive transfers of export proceeds from countries other than those to which they are being exported, provided that the transfer is by order of the importer abroad whose name is included in the export contract approved by the Ministry of Trade and supply, provided that the final invoice is in the importer’s name and matches the data contained in the export contract, and that the maximum time limit for carrying out export operations is three months from the date of adding the proceeds to the accounts of the relevant bank.
The circular explained that in the event that the exporter is unable to carry out export operations during the aforementioned period, the bank may take a number of measures, including considering extending the period after the customer submits a request explaining the reasons for non-implementation, provided that the extension request is only once and after the approval of the Central Bank of Sudan, and among them: The procedures allow the exporter to consider the amount paid in advance for other exports, provided that the process is carried out by the same exporter and for the same importer, and in this case it is not required that it be the same commodity.
However, the circular clarified that exports of free gold and gold from mining residue companies are treated in accordance with Policy Management Circular No. 23/2022 issued on March 17, 2023.