Sudanese Gold Export Trade Opens Up to Private Sector

SEATTLE (Scrap Monster): The Sudanese authorities issued new circular opening up gold export trade to private firms. It aims to put an end to the central bank’s monopoly on exports for years. The new policies pertaining to purchase and export of free gold was approved by the Higher Committee for Economic Emergencies, in its meeting held 16^th June, 2020 at the Friendship Hall, Khartoum.

The new circular allows any legal person to export gold, provided he/she adheres to all applicable rules and procedures of export. The exporters need to comply with all guidelines issued by various government agencies including the Standardization and Metrology Authority, the Customs Authority, the Ministries of Industry and Trade, Energy and Mining and the Sudan Refinery Company for Gold.

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The gold export trade would be confined through Khartoum international airport. The government would take necessary steps to prevent gold smuggling through all other routes.

Furthermore, the role of central bank will be limited to buying of gold for the purpose of adding to its reserves. Such purchases have to be made directly from the gold market, the circular says.

The first step to allow participation of private sector was announced in January this year. However, the mining firms were then allowed to export only 70% of their output, with the condition that the balance 30% must be sold to the central bank.