Current Date:

Wednesday, 19 September 2018
 

New Policies for Buying and Exporting Gold by the Private Sector Companies

Khartoum - The Ministry of Minerals and the Central Bank of Sudan (CBOS) have announced new regulations and policies concerning buying and exporting of gold via private

sector companies after they have been allowed to operate in the field in accordance with specific regulations.
It has been agreed that the CBOS shall be the focal point for the implementation of the new policies which are approved by the two sides that guarantee sound operation of the private sector in the field of buying and exporting of gold through the commercial banks.
The new policies stipulate that companies and business names are allowed to operate in the field of gold exportation after they fulfill the qualifying conditions and regulations in this regard and that the exportation process shall be via all payment means, in a view to avoiding complicated procedures that discourage the private sector from operating through the formal banking system and to guarantee not resorting to smuggling.
The CBOS shall determine daily indicative rates for gold based on that at the international bourses, according to the new policies.
They also stipulated that the private sector companies shall sell 50% of the quantity of gold they buy to the Sudan Gold Refinery and export the remaining quantity.
The Minister of Minerals, Dr. Ahmed Mohamed Sadiq Al-Karouri,  pointed out that the new policies will attract all quantities produced at the traditional mining sector, which produces more than 80% of the gold production of the country that registered 93.4 tons last year to the official channels and reducing the loss through smuggling, storing and other ways.
The Minister affirmed that the new policies will not affect the formal gold mining sector (companies), noting that a gold council is to be set up comprising the various related bodies to oversee implementation of the new policies.
The Governor of CBOS, Hazim Abdelgadir, on his part, stressed that the policy of allowing the private sector to operate in buying and exporting gold would contribute to attracting all gold production, pointing out that the policy review is intended only to improve performance.
In the meantime, Assistant Governor of CBOS Mohamed Ahmed Al Bushra pointed out that the CBOS will issue circulars to put into effect the new policies, calling on the private sector to work with the official institutions to make the new policy a success.
Meanwhile, the Deputy Chairman of the Sudanese Businessmen Union Yousuf Ahmed Yousuf, described the decision as a boost to the Sudanese economy, as it will greatly increase gold exports by ending storing of the precious metal.