December 14, 2012

Sudan lifts ban on corn export

A decree to remove the ban on corn export was issued by the Central Bank of Sudan (CBOS) to all banks informing and instructing them to proceed with completing all procedures relating to the exportation of corn according to the export regulations of CBOS.

Secretary general of Exporters' Chamber, Khalid Almagbool said on Wednesday (Dec 12) that the decree is economically feasible and will boost export operations.

He added, "Corn producers will earn revenue that will help them increase their production; a thing which will subsequently lead to a surplus of corn that can be used to reinforce the strategic reserve of corn and for export."

Almagbool called on CBOS to issue strict regulations to organise the conduct of banks and companies regarding the exportation of corn to prevent unbalanced competition and to keep the corn market price in check. He also called on CBOS to finance export operations.

Head of the exporters' chamber Wagdi Merghani said in a press release that the exportation of corn will be a hard process unless it gets financed by the government, a case in which, he says, foreign currency reserves will increase up to US$250 million.