The Prime Minister Motaz Musa said on Monday Sudan will allow local private sector firms to export gold, relaxing the central bank’s grip over exports of the metal as the government tries to shore up the country’s struggling economy.
The measure is part of efforts to stem smuggling of gold, one of the country’s main sources of foreign currency.
“With the blessings of the president of the republic, we have decided to include the private sector in exporting gold,” Musa said in a message on his Twitter account.
He said the central bank would take the necessary measures to ensure gold exports were channeled through the national economy.
The decision applies to local private companies, as foreign gold-mining companies are already entitled to export.
Under the new regulations, producers will sell foreign currency revenues to the central bank.
“We have agreed with the prime minister to sell all revenues from gold exports to the central bank at the real current rate for the Sudanese pound,” said Abdel Monem Al Siddiq, the head of the local gold exporters union.
The exchange body will also set a purchase price for gold to encourage miners to channel their products through the central bank.