Economist: The Rise in Dollar is Caused by  Greed of Exporters

Sudan Events – Nahid Oshi

Economist Abdullah Al-Ramadi has accused exporters who evade the return of export revenues of causing a rise in foreign currency prices, and downplayed the impact of the measures taken by the Bank of Sudan recently, and said that they do not address the economic problem, but rather relate to a side problem that arose as a result of the greed of some exporters and their refusal to…  Returning export revenues so that they enter through legitimate means and are included in the total export revenues of the Sudanese economy.

He told Sudan Events that some exporters preferred to trade export revenues in the currency markets instead of returning them to the state, while they were obligated to return them according to the controls and laws regulating foreign trade. He added, “This is another problem that arose in addition to the basic problem of the weak volume of export revenues, as they are the result of circumstances.”  Sudan and the ongoing war, with the decline in the production process, the decline in export capabilities, and the increase in needs for medicines and other imports and their increase due to the disruption of many productive capacities in the industrial sector, which used to meet many needs and stopped production, thus increasing the need for imports to fill the shortage, indicating that the failure of exporters to  Returning export revenues has deprived the Sudanese economy of foreign currencies and created an imbalance between exports and imports. He said, “Due to the improper behavior of some exporters, the problem of the deterioration of the Sudanese currency arose.” He said that the problem is not addressed by the Central Bank’s previous measures in terms of encouraging export operations.  He said, “It should be addressed by stopping greed and trading in foreign currencies by exporters of Sudanese goods and bearing their responsibilities by returning export proceeds so that they are part of the Sudanese economy’s foreign currency proceeds.” He said that evasion and non-payment of export proceeds has exacerbated the local currency problem, and that the Bank of Sudan’s treatment is not  with a big impact.