Sudan restricts gold trade as currency falls: What to know
The UAE, historically the largest importer of Sudanese gold, could be affected by the move, and Khartoum is seeking to reduce exports of the commodity to the Gulf state over a dispute related to the civil war.
The Sudanese government on Wednesday unveiled major restrictions on the gold trade, aiming to stabilize the war-torn country's tumbling currency and build on previous efforts to limit gold exports to the United Arab Emirates.
What happened: The government’s Economic Emergency Committee approved a number of measures aimed at supporting the Sudanese pound, strengthening governmental control over imports and exports, and combating smuggling after a meeting on Wednesday.
The new regulations require that the purchase and marketing of gold be handled by a single governmental entity, which has yet to be formed and will provide the necessary foreign currency for importers. The committee also endorsed closer monitoring of gold until it is exported to prevent smuggling, the official Sudan News Agency reported Thursday.
Sudan’s currency has recently hit a historic low, falling to 3,345 pounds to the dollar in late July from 2,600 at the start of the month, according to the local news outlet Sudan Tribune.
