Business Owners’ Union Criticizes Sudan Central Bank Circular
Sudan Events – Reports
The President of the Sudanese Business Owners’ Union, Moawia Aba Yazid, criticized a recent circular issued by the Central Bank of Sudan, which prohibits cash deposits into free accounts.
On Tuesday, the Central Bank of Sudan issued a directive modifying regulations governing the funding and usage of free foreign currency accounts. The circular bans cash deposits into these accounts and also prohibits clients from using their own foreign currency resources (free accounts) for importing goods.
Moawia argued that referring to a circular related to import and export regulations, which is based on specific laws and legislations, while also disallowing amendments, indicates a directive against modifying or altering banking finance conditions for imports.
He criticized the ban on cash deposits and the restriction on using export proceeds, questioning, “How can I buy from the market and deposit in the bank to obtain an import permit?” He added that this policy leaves no option but to transfer funds abroad.
Moawia described the decision as a short-sighted policy, referencing the Sudanese proverb “Basira Um Hamad” (a metaphor for shortsighted or ill-conceived decisions).
However, the Central Bank of Sudan defended the measure, stating that it is part of its policies to curb the continuous depreciation of the Sudanese pound against foreign currencies by reducing demand for foreign exchange in the parallel market.
