Thursday, April 15, 2021

Suddenly in Sudan … the price of the customs dollar has risen, and the prices of fuel are flying! | A nation is singing out of tune

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Suddenly, and without announcing it in the media, the Ministry of Finance in Sudan raised the price of the “customs dollar” from (20) pounds to (28) pounds, as of Thursday.

This was transferred by the “Ultra Sudan” website for customs clearance dealers.

Customs clearance dealer Badr Khalaf confirmed that the customs police at Port Sudan port informed him on Thursday that the customs dollar increased from (20) pounds to (28) pounds, at a rate of (40)%.

Khalaf suggested that the accelerated increases in the customs dollar show the government’s intention to gradually raise the customs dollar to be equal to, or at least close to, the common exchange rate.

Khalaf indicated that the increase in the customs dollar will be reflected on goods imported from abroad or manufactured locally, because customs are imposed even on industry and production inputs.

Customs, Bader Khalaf, expected an increase in the value of cars, furniture, equipment and electrical appliances.

Khalaf expressed his regret that the transitional government, which was supported by the popular revolution, had not announced the increases through the media.

Increase the customs dollar

The Ministry of Finance in Sudan had increased the customs dollar from (18) pounds to (20) pounds last month. This coincides with the unification of the exchange rate between the parallel market and the central bank.

In February, Finance Minister Gabriel Ibrahim stated in a press conference that the government plans to increase the price of the customs dollar. Especially in luxury goods such as cars, equipment and devices to increase government revenues and fill the budget deficit.

The International Monetary Fund recommends increasing the customs dollar

A report issued by the International Monetary Fund last March recommended that Sudan increase the customs dollar, as part of an economic reform package.

Significant rise in fuel prices

Sudanese fuel distribution stations implemented a 20 percent increase in most products, Friday.

The price of a gallon of gasoline increased from 571 pounds to 675 pounds, while other fuels rose by similar rates.

Although no official statement of this increase has been issued, a number of consumers have confirmed that their cars will be filled with the new prices.

About two months ago, Sudan began to liberalize the prices of fuel and a number of basic commodities. This increased fuel prices by 500 percent. This led to a rise in inflation rates to 330 percent.

As part of a package of new policies, Sudan announced last month the unification and liberalization of the Sudanese pound exchange rate to stop further exchange rate chaos. After the price of one dollar exceeded 400 pounds in the parallel market during the recent period.

The Bank of Sudan set 375 pounds as an indicative price, compared to 55 pounds, the official price, an increase of 700 percent.

Sudanese economy

The Sudanese economy suffers from major distortions and imbalances due to the sanctions imposed on the country since the mid-1990s as punishment for the actions of the rescue system that was toppled by a popular revolution in April 2019.

Sudan also suffers from weak production, widespread corruption and high external debts, whose estimates range from 64 to 70 billion dollars.

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