Gold Exporters’ Division Issues New Warnings
Abdel Moneim Al-Siddiq Alam, head of the Gold Exporters’ Division, has issued new warnings regarding a specific clause in the Central Bank of Sudan’s recent circular on the liberalization of gold exports.
He said in a press statement that Clause 4—which allows gold exporters to import goods using proceeds from their gold sales—would be “the straw that breaks the camel’s back.”
According to Alam, previous experiences have shown that such exceptions led to the failure of all past initiatives, as beneficiaries tend to purchase gold at prices higher than global market rates and then compensate for losses through profits from imported goods. Their main concern, he added, is gaining quick access to foreign currency, which has been a key driver of the Sudanese pound’s dramatic depreciation.
He called for learning from past mistakes and for the complete separation of gold exports from imports.
