Sudan's central bank restricts imports & exports of gold
Sudan's central bank has issued a directive prohibiting individuals from importing all types of gold including refined and bars unless an import permit is acquired from the Ministry of Commerce.
The country's top monetary institution allowed a citizens to import no more than 10 ounces of refined gold.
In its 2013 foreign exchange circular, the central bank also barred individuals from exporting refined and gold bars unless they obtain an export permit from the Ministry of Commerce and upon approval of the central bank.
According to the new regulations, individuals who bring refined gold for decorative purposes and register it on their passport upon arrival to Sudan are allowed to take it with them when departing the country.
Residents are also allowed to travel abroad with a maximum of 10 ounces of gold conditional upon registering them on their passport at the port of departure.
In a separate directive, the central bank also allowed Forex to sell or transfer a maximum amount of $1,000 for travel purposes to all countries including Turkey.
Gold has become Sudan's biggest export, partially replacing oil revenues that made up more than 50% of state income until the south's secession.
As well as being a major source of revenue for Sudan, oil also provided dollars needed for imports. The Sudanese pound has more than halved in value since South Sudan's independence.
Last week the Sudanese government projected that it will produce 50 tonnes of gold this year. During the parliamentary deliberations on the ministry of finance's quarterly performance report on Tuesday, MP Abdalla Masar accused the central bank, ministry of finance, and security apparatus of involvement in gold sale violations, calling upon the minister to meet with the gold trade chamber to discuss the issue.
In the same session, MP Babiker Mohamed Toum spoke of a decline in gold revenues and called on the finance ministry to conduct a study on the reasons behind that stressing that the deterioration in exchange rate is caused by decrease in gold exports.