Mon. Jan 27th, 2020

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Sudan Ditches Oil as the Only Source of Income

In a bid to curb smuggling activities and attract foreign currency into the country’s cash-strapped treasury, the exportation of gold in Sudan is now open to private mining companies. Until now, Sudan’s central bank has been the sole body legally allowed to buy and export gold and set up centres to buy the metal from small-scale miners. But in a new regulation circulated on January 1, the central bank said private mining companies could now export up to 70 per cent of their products provided they deposited proceeds in local banks and selling the other 30 per cent to the central bank.