The State monopoly in the area of crude and petroleum products is being gradually phased out. Already Kerosrrre and Jet fuel importation has been moved to the private sector and the local prices are being fully liberalised. Other products and crude materials will follow. Commercial banks are allowed to transfer to foreign investors or financiers, without prior approval from the Bank of Sudan, the full value of shares, dividends, debt service payments, fees due under technical, management or trade mark arrangements. Exports and Export Proceeds Exports to Israel are prohibited, together with the exportation of raw hides and skins, charcoal and fire wood.
Exports are free from licensing.
However, licenses are required for exports under bilateral and protocol arrangernents and on account of barter trade. To deter under-invoicing by exporters, minimum export prices for certain commodities have been set to reflect international market prices. Export proceeds must be repatriated to the domestic banking system within 45 days of the date of the bill of lading. Exporters of cattle, meat, rain-fed cotton, sunflower seeds, vegetables, fruits and manufactured goods are allowed to retain 55 percent of their export proceeds in foreign currency, and have the freedom of using these proceeds. The remaining 25 percent must be sold to the Bank of Sudan at the Bank rate plus a margin of Lsd 3.0.