The Bank of Sudan Monopolizes Gold Purchase  

Sudan – Sudanhorizon

The Central Bank of Sudan has announced a ban on the purchase and export of gold from companies and from artisanal mining production, and on gold mining waste by companies.

In a circular it distributed to commercial banks and a copy of which was obtained by the Sudanhorizon, the Central Bank decided that it will have the full monopoly of the purchase and export of gold.

According to the circular, the purchase and export of free gold (artisanal mining) and gold from mining waste companies within Sudan is restricted to the Bank of Sudan or its authorized representative.

It explained that purchases will be made in line with to global stock exchange prices and the prevailing market price.

It indicated that the Bank of Sudan’s gold purchases will be carried out by the Sudan Gold Refinery Company.

It revealed that banks are allowed to complete banking procedures for valuing gold for manufacturing and remanufacturing purposes by filling an electronic export form after fulfilling several requirements, including the approval of the Ministry of Industry and Trade, the completion of a specifications and standards certificate, and a bank check or bank guarantee for the value of the gold.

It stipulated that gold exported for remanufacturing purposes must be returned within a maximum of one month from the date of shipment. On Saturday, the Minister of Finance and Economic Planning Gibril Ibrahim announced the establishment of a new mechanism for exports, including gold.

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