Central Bank issues new circular for export of gold in Sudan

– The Central Bank of Sudan issued, today a new circular to banks and related authorities concerning the policies, purchase and export of concession companies and small mining companies, in which banned the export of gold by government agencies and foreigners, individuals and companies, excluding concession companies operating in mining.

The Central Bank circular on the purchase and export of gold also limited the role of the Central Bank of Sudan in purchasing gold for the purpose of building reserves only.

The circular abolished previous circulars and issued directives for new work starting today.

The circular stipulated, in the case of exporting gold, the advance payment only according to the prices of the international stock exchange, and a guarantee check for the value to be exported, as well as a certified pledge from the Gold Exporters union signed by at least two signatures from the total of approved signatures, and in the event that the export is not done after submitting a letter of guarantee with the desired value.

The Central Bank stressed the need to notify the foreign exchange department of the Bank of Sudan if the customer fails to return the manufacturing gold within a month, in order to take the necessary measures.

It , further, stressed that the proceeds of the issued in bank accounts for a

maximum period of 21 days, and in case the period is exceeded, it is purchased for the benefit of the Bank of Sudan at the announced price.

The circular allowed concession companies to export 70% of the remaining for production after deducting government shares of zakat, great returns and business profits in kind, provided that the proceeds are kept in their accounts inside or outside Sudan for use as stipulated in the signed agreements, and the remaining 30% is sold to the Bank of Sudan or its authorized representative.

The circular, also allowed small mining companies to export 15% of the remainder of the production after collecting the government’s shares in kind from the total production, provided that the proceeds are kept in a special account for the companies with the Bank of Sudan to be used for the specified purposes, and allowed the sale of the proceeds for the benefit of the Bank of Sudan at its declared exchange rate.

The remaining 85 percent was sold to the Bank of Sudan or its representative, and the owner of the proceeds was allowed to use it for import on the basis of 70 percent of it for strategic goods and 30 percent for essential goods.