The Sudanese Customs Authority has modified the exchange rate used to calculate duties and taxes on imports, in preparation for the abolition of the customs dollar completely with the stability of the Sudanese pound.
The authority announced that the new price will be 20 Sudanese pounds for the 1 US dollar, after it was 18 pounds, which is a much higher evaluation of the local currency. Indicating that the customs dollar may be completely canceled gradually, as it is now witnessing a clear stability against foreign currencies, with expectations of its continuous rise. It also revealed that this recovery of the pound is the main motive that will lead to the cancellation of the customs dollar, which is no longer necessary for its existence based on the given data.
The customs rate was excluded from a new system announced by the Central Bank on February 21st, that aims to unify the official exchange rate and the price on the black market to help Sudan overcome a stifling economic crisis and obtain debt relief.
Earlier, the official exchange rate for the Sudanese pound had been set at 55 to the dollar. The amendment, which was requested by foreign donors and the International Monetary Fund, was expected late last year. However, after a scarcity of basic commodities and an acceleration of inflation complicated a fragile political transition. The International Monetary Fund also wants reforms to the customs dollar.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
