Banking Expert: Proposal to Establish a Gold Purchasing Portfolio in Currencies Other Than the Dollar

Sudanhorizon – Hala Hamza
A banking expert Dr. Saleh Jibril praised the government’s decision to purchase gold at the exchange rate. However, he emphasized the advantage of establishing a joint portfolio of companies and banks, with the Central Bank of Sudan overseeing gold purchases.

Jibril told Sudanhorizon that this measure would be good if implemented properly, provided that exports are conducted according to purchase receipts that are reviewed by customs at the port of export. “This ensures that exports do not exceed the value of the receipt issued by the exchange, and that the government’s share of taxes and revenues is collected in kind.”

Jibril proposed that advance payments should not be in dollars, given their negative impact on the dollar’s exchange rate in the current parallel market. Alternatively, he proposed that payments be made by pledging a quantity of gold, thus preventing traders and companies from resorting to the parallel market.

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