Sudan prohibits gold export for all but concession companies
Sudan has prohibited the export of gold by government agencies and foreigners, individuals, or companies, except for concession companies working in the field of gold mining.
On Thursday, the Central Bank of Sudan issued a new circular for gold exporters, addressed to banks and relevant authorities regarding policies, purchase, and export of concession companies and small mining companies.
The circular prohibited the export of gold by government agencies and foreigners, individuals, and companies, “except for concession companies operating in mining.”
The publication limited the role of the Central Bank of Sudan in buying gold to the purpose of “building reserves only.”
Sudan produces hundreds of tons of underutilized gold, and gold smuggling has remained an inherent feature of the country’s gold sector.
It is likely that “70%” of the country’s production is smuggled abroad as a result of weak policies and laws in addition to the lack of security oversight.
Earlier, accusations were directed at official bodies accusing them of protecting gold abroad operations.
The Thursday released Central Bank circular canceled previous publications and issued directives to work with the new circular starting from its date of publish.
The circular stipulated, in the case of exporting free gold, the advance payment only in accordance with the prices of the international stock exchange, and a guarantee check of the value to be exported.
It also certified undertakings from the Gold Exporters Division signed by at least two signatories of the overall approved signatures, and in the absence of that, the export is made after submitting a letter of guarantee with the desired value to be exported.
The circular stressed on the need to notify the foreign exchange department at the Bank of Sudan in the event the customer fails to return the gold within a month, in order to take the necessary measures.