Home | News    Monday 20 November 2017

Sudan’s central bank blames US dollar price rise on gold companies

separation
increase
decrease
separation
separation

November 19, 2017 (KHARTOUM) - The Central Bank of Sudan (CBoS) on Sunday has revoked business licenses of a number of gold trade companies saying the decision was prompted by their involvement in currency speculations.

JPEG - 34.6 kb
The Central Bank of Sudan (CBoS) in Khartoum (Photo: Reuters)

Late last week, the Sudanese pound fell to a record low as the U.S. dollar price reached 28,2 SDG in the black market.

In a press release on Sunday, the CBoS said: “a decision was made to revoke the licenses of other companies working in the field of gold purchase and export”.

“This decision comes against the backdrop of speculations made in the Forex market during the past week” read the press release without elaborating on the number of companies affected by the decision.

The decision also included the imposition of administrative punishments and fines against a number of banks according to the Banking Regulation Act.

It is noteworthy that the CBoS on 12 November cancelled licenses of 6 private companies that were allowed to buy and export gold.

Last February, the CBoS licensed 13 companies to buy and export gold in a bid to curb the smuggling of the precious metal.

Sudan currently ranks second in gold production behind South Africa but aims to land in the first place by 2018.

Gold has become one of Sudan’s largest exports which partially compensated for the loss in oil revenues, which accounted for more than 50% of income until 2011 when South Sudan seceded, taking with it most of the country’s oil reserves.

(ST)

Comments on the Sudan Tribune website must abide by the following rules. Contravention of these rules will lead to the user losing their Sudan Tribune account with immediate effect.

- No inciting violence
- No inappropriate or offensive language
- No racism, tribalism or sectarianism
- No inappropriate or derogatory remarks
- No deviation from the topic of the article
- No advertising, spamming or links
- No incomprehensible comments

Due to the unprecedented amount of racist and offensive language on the site, Sudan Tribune tries to vet all comments on the site.

There is now also a limit of 400 words per comment. If you want to express yourself in more detail than this allows, please e-mail your comment as an article to comment@sudantribune.com

Kind regards,

The Sudan Tribune editorial team.

Comment on this article



The following ads are provided by Google. SudanTribune has no authority on it.


s
Sudan Tribune

Promote your Page too

Latest Comments & Analysis


Ethiopia’s PM should review policies 2018-10-14 20:42:05 Ethiopian Prime Minister Dr Abiy Ahmed needs to change course in some of the policies he introduced in Ethiopia before history that brought him to leadership repeat itself. By Lul Gatkuoth (...)

Evaluating the IGAD-led peace mediation in South Sudan 2018-10-09 13:19:50 Lako Jada Kwajok September 12, 2018, marked the signing in Addis Ababa of the revitalised peace agreement also known as Revitalised Agreement on the Resolution of Conflict in the Republic of (...)

President Kiir: warning, comfort or guidance 2018-10-09 07:50:10 By Clement Maring Samuel On 4th October 2018, I dreamed that late Dr John Garang De Mabior and Clement Wani Konga were disciplining and judging President Salva Kiir Mayardit in a mud near the (...)


MORE






Latest Press Releases


4th Annual Tony Elumelu Foundation Entrepreneurship Forum Announced for 25th October 2018 2018-10-15 12:38:14 PRESS RELEASE OCTOBER 14, 2018 Africa’s leading entrepreneurship-focused philanthropic organisation, the Tony Elumelu Foundation (TEF), has announced October 25, 2018, as the date for its (...)

Unity State community in Kenya supports Khartoum peace agreement 2018-08-17 08:33:21 PRESS STATMENT 14th Aug, 2018 Re: We shall Rally behind Khartoum Peace Agreement The Unity State Community Association in Kenya was established in 2010 to organize and mobilize the people of (...)

The Suspension of Hurriyat Online Newspaper 2018-04-29 07:04:37 Sudan Democracy First Group 28 April 2018 The Sudanese civil and political circles and those concerned with Sudan were shocked by the news that the management of Hurriyat online newspaper has (...)


MORE

Copyright © 2003-2018 SudanTribune - All rights reserved.