Khartoum (Nabaa Sudan) – Governor of the Central Bank of Sudan (CBOS), Amna Mirghani Hassan Al-Tom, chaired an expanded meeting attended by the Minister of Minerals, the Gold Export Window, the Sudanese Standards and Metrology Organisation (SSMO), representatives of private companies engaged in gold exports, and relevant security and regulatory authorities. The meeting discussed the challenges facing the gold export sector and ways to address imbalances related to the repatriation of export proceeds.
The meeting addressed several key issues, foremost among them the problems facing exporters and ways to resolve them, recognising exporters as essential partners in the export process. Discussions also focused on improving the efficiency of procedures and regulatory controls to achieve a balance between the public interest of the state and the interests of producers and exporters, thereby increasing export revenues and maximising the benefits derived from the country's foreign currency resources.
The meeting also discussed challenges related to gold pricing and the need to develop a flexible and fair pricing mechanism based on international prices, ensuring attractive returns for the state, the Central Bank, companies and exporters. It also considered reviewing transfer limits and restrictions imposed on the transfer of export proceeds, with a view to simplifying procedures and improving the flow of foreign currency through official channels.
The discussions further highlighted the importance of diversifying markets for Sudanese gold exports and opening up new markets. This would enhance access to foreign markets, expand the options available to exporters, reduce the risks associated with dependence on a limited number of markets, and strengthen the negotiating position of Sudanese exports.
On policies and legislation, the meeting stressed the importance of reviewing and developing regulatory and legal frameworks, and introducing a package of balanced policies and incentives that take into account the interests of all stakeholders and support the roles of the Central Bank of Sudan, the Ministry of Minerals and the private sector in developing the gold sector and increasing its contribution to the national economy.
For his part, the Minister of Minerals affirmed his support for the Central Bank's policies and its efforts to regulate the gold export sector. He noted the Ministry's commitment to continued coordination with the Central Bank and joint efforts to remove obstacles facing producers and exporters.
Meanwhile, the Director of the Central Bank's Reserves and Gold Department outlined the Bank's gold policies and the regulations governing purchasing, export operations and the repatriation of export proceeds. He explained the sector's regulatory and supervisory procedures, highlighting the policy's focus on incentivising exporters and maintaining policy stability over an extended period.
Representatives of the Sudanese Standards and Metrology Organisation also outlined the organisation's efforts to expedite the issuance of conformity and insurance certificates, helping reduce clearance times, facilitate export operations and curb smuggling. They stressed the importance of strengthening oversight of export operations and developing a graduated schedule of penalties for violators, including confiscation and criminal sanctions in accordance with applicable legal frameworks. They also emphasised the importance of publicising relevant decisions and procedures through official media outlets to promote compliance and deterrence.
At the conclusion of the meeting, the CBOS expressed her gratitude and appreciation to the participants, stressing the importance of reaching solutions that balance the country's public-interest requirements with exporters' interests, while establishing a stable and supportive investment and regulatory environment. She also emphasised the importance of supporting and empowering young people working in gold exports, recognising them as an active segment in the sector's future. She specifically commended the Sudanese Standards and Metrology Organisation for its efforts to facilitate export procedures and strengthen oversight.
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