Warnings of Parallel Currency Market Recovery

Sudan Events – Rehab Abdullah

The former director of the National Export Development and Finance Agency, Ahmed Hammour, has criticized the Central Bank’s direction to adopt the advance payment method for export revenues again.
Hammour warned of the recovery of the parallel currency market, and he attributed this in his speech to (Sudan Events) to the fact that one of the negatives is that the decision revives the parallel currency market inside and outside Sudan, as most exporters resort to the parallel market to purchase advance payment amounts.
He confirmed that the requirement of advance payment reduces the volume of Sudanese exports to the outside world, which is moving towards flexibility and providing facilities to importers in the world by encouraging deferred payment methods, adding that the Sudanese exporter cannot compete with the exporter of other countries who sell on credit, due to the requirement of advance payment, which reflects negatively on Sudanese exports. Hammour added that studies and conflicts have proven that the requirement for advance payment is one of the reasons for the spread of the phenomenon known as “paperwork,” which is devastating to the Sudanese economy.