Consultations on Utilising Gold Exports to Stabilise the Exchange Rate

Port Sudan – Sudanhorizon

On Wednesday, the Governor of the Central Bank of Sudan held a meeting with the Director of the Sudanese Mineral Resources Company, during which they discussed joint coordination and ways to utilize the revenues from gold exports to contribute to stabilizing the exchange rate of the national currency against foreign currencies.

The Sudanese pound has declined against the US dollar in recent weeks to an unprecedented level, reaching 3,400 pounds per dollar.

The Governor of the Central Bank, Burai Al-Siddiq, explained that the partnership between the Central Bank of Sudan and the Sudanese Mineral Resources Company represents one of the fundamental pillars for achieving economic stability.

The meeting discussed the Central Bank’s vision to maximize returns from gold exports in order to generate foreign currency proceeds that help cover needs and maintain exchange rate stability.

For his part, the Director General of the Sudanese Mineral Resources Company, Mohamed Taher Omar, affirmed the company’s readiness to cooperate with the Central Bank through its branches in the capital and the states, stressing the commitment to implementing the bank’s requirements and enhancing the company’s role in regulating gold exports and ensuring revenues benefit the national economy. He pointed out that the company’s wide presence in production areas provides a fundamental guarantee for the sound management of gold resources.

Both parties agreed to prepare periodic reports and hold regular meetings to develop the partnership and overcome obstacles, ensuring the maximization of gold’s role in supporting the national economy and achieving financial stability.

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