CBS Ends Gold Export Monopoly

Port Sudan – Sudanhorizon

The Central Bank of Sudan (CBS)) announced on Wednesday the end of its monopoly on gold exports, as imposed September this year.

A (CBS) circular issued on Wednesday and distributed to banks revealed that any legal entity is now allowed to export gold after fulfilling all export procedures, provided that the export is conducted according to stock exchange prices and through prepayment and letters of credit.

The circular, a copy of which was received by Sudanhorizon, clarified that the proceeds from the export of free gold and gold from mining waste companies must be held in a foreign currency bank account in the exporter’s name. These proceeds will remain in the export account for 21 days. If the specified period is exceeded, the proceeds will be purchased by the Bank of Sudan at the bank’s announced purchase price on the date they are credited to the export account.

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