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Thursday, 22 March 2018

Al-Tuhami Exchange Rates Discourage Expats to Transfer Money

Lebanese Ambassador: Sudan Can Benefit from Lebanese Experiment in Immigration Economy

Khartoum - (Zuleikha Abdul Raziq, Photo: Alsir Mukhtar ) Economic experts have called for the need to establish a special fund for Sudanese expatriates to handle their banking transactions and ensure supply of foreign currencies in addition to needed information.
The calls come at time economists slammed the policies by the Central Bank of Sudan (CBS) regarding exchange rates and complex measures Sudanese expatriates are faced with when transferring money especially the US decision to lift decades-long economic sanctions on Sudan.
Considering discontent with CBS financial policies and official exchange rates, speakers at a forum on "expats' financial transfers on national economies", proposed establishment of a special fund for the expatriates to deal with financial transactions and transfers.  
The proponents of the establishment of the fund argued that the proposed fund should it materialize would contribute to supply foreign currency, facilitate measures for the expatriates to transfer money at satisfactory rates contrary to the rates specified by the CBS, which seems unacceptable compared with rate at the parallel markets.
The secretary general of the General Secretariat for Sudanese Working Abroad Karar Al-Tuhami revealed that most expatriates are reluctant to transfer money in foreign currencies due to unstable exchange rates, lack of encouraging financial policies and mistrust in the national financial system.
He called on relevant institutions to come up with solutions to restore the confidence of the Sudanese nationals working overseas, and most importantly find radical remedies to contradictory exchange rates so that expatriates transfer money in foreign currencies in aid of boosting the national economy. 
Speakers cited experiments in Lebanon and Morocco, which they argued are supportive of national economies therein.
The Lebanese Ambassador to Sudan who shared the experience of expatriates transfers in his country Lebanon, also availed himself of the opportunity to congratulate the government of Sudan and people on the lifting of the US economic sanctions on the county.
H.E said that the lifting of the sanctions will help attract foreign investments, especially from the West and Arab countries pending the harmonization of conflicting measures and amendments to the investments act, which many investors deem discoursing.
The Ambassador described experiment of Lebanese expatriates transfers as "world most successful", adding that the contribution of foreign transfers to the Lebanese gross national economy accounts for 17 per cent.