Bank of Sudan..receipts of exports and gold exports – beyond the news – ✍️ Muhammad Wadaa
*Although the ban was based on obvious violations, the ban was lifted without any justification or reason*
*Is there a relationship between export earnings and the increase in dollar demand?*
*Does the Bank of Sudan intend to inform public opinion of the reasons for the rise in the dollar (four hundred pounds) overnight?*
*The Bank of Sudan is responsible for the integrity of gold export procedures. Have export regulations been violated?*
*Implementation of free export operations of gold and gold from mining waste management companies, advance payment is required*
*Reports indicate there are dozens of gold buyers in Port Sudan, seeking gold at prices above those on the stock exchange*
On May 8, 2024 AD, the Bank of Sudan issued a circular under the title Troubled Export Earnings, which included (255) companies and business names, which stated: (With reference to the above subject and the controls issued by the Bank central bank in this regard and in relation to the current circumstances and exceptional situations facing the country The Central Bank of Sudan issues temporary measures regarding non-performing export earnings, as follows: (First: exporters who have not. not recovered their export proceeds, whose names are mentioned in the attached list, will benefit from a grace period of two months, starting from May 1, 2024 AD Second: the products mentioned first are considered as. non-performing products and have exceeded the time allowed for supplying the product and adding it to the accounts of the Central Bank of Sudan abroad in the account of the Bank of Sudan with Al Salam Bank Bahrain and on. the account of the Bank of Sudan with the Bank of Khartoum Bahrain), provided that these products are sold at the banking rates announced on the date of sale, and in case of non-compliance, they will impose a total banking ban on the customer .
On May 12 (four days after the ban), and as part of the lifting of the export ban, the Bank of Sudan decided to lift the ban on (163) customers, from May 1, 2024 AD , until 06/30/2024 AD, and this represents an additional period (two months). This is an exception that was made without clear justifications or reasons, and the ban was lifted according to the serial number according to the banned list, which seems strange, while the ban The decision was based on clear reasons that caused the Central Bank to consider them non-performing assets, and the bank decided to sell them in accordance with the export list, so it did not do so. The bank explains the reasons why the decision was taken to exclude these names from carrying out banking work while maintaining the same deadline (two months). Therefore, many questions arise as to whether the central bank withdrew the ban decision and linked it to selling at the current price, and whether this had anything to do with the decision. escalating demand for the dollar. Does the Bank of Sudan intend to inform public opinion of the reasons for the rise in the dollar (four hundred pounds) overnight. Has the bank confirmed the presence of these funds in the accounts? the defaulters, or did they dispose of them?
In a related conversation, the director of the Mineral Resources Corporation spoke confusingly about gold exports, saying: “(11) tonnes and (222) kilograms of gold were exported out of a total of (15) tons through companies, and that the loss “There is very little smuggled gold,” indicating that the dollar has risen. From mid-November 2023 to the end of last April, it amounted to (637) million dollars, and he said: There are (8) faltering domestic companies for which we will seek financing from international companies to finance their projects. The decline in gold exports or production. How does this happen? Who is responsible for this? Is the job of the Mineral Resources Company to seek financing for gold producers or exporters? And what's in return? Is there any change in the gold export regulations, which clearly states (the export of gold is permitted by any legal entity after completing all applicable export procedures and controls. Gold operations export of free gold and gold from mining waste management companies are carried out in advance.) method of payment only, and according to prices on international stock exchanges)?
The search for new markets for gold exports seems strange, since gold is sold on the stock exchange in unlimited quantities, so why were four tons of gold not exported? Reports indicate that there are dozens of gold buyers in Port Sudan, seeking gold at prices above those on the stock exchange.
The Bank of Sudan is responsible for gold export procedures. Have export regulations been violated?
May 15, 2024 AD
Source link
