Central Bank of Sudan – Northern State Branch – Announces Readiness to Purchase Gold at Highest Market Prices

The Central Bank of Sudan – Northern State Branch – has announced its readiness to purchase gold at the highest available market prices. This move aims to regulate trading operations and reduce the chaos that has accompanied the gold trade in recent years, coinciding with the opening of the gold market building in Dongola city.

Mr. Al-Tayeb Al-Sheikh, the branch manager, stated that the Northern State is considered one of Sudan's richest states in gold, noting that establishing an organized market for trading the precious metal was among the Central Bank's priorities. This initiative seeks to tighten control over buying and selling activities and enhance the efficiency of official trading.

He clarified that the bank is making arrangements to form partnerships with international companies to train local cadres in gold manufacturing and develop the industry within Sudan. This effort is expected to contribute to creating new investment opportunities and boosting the sector's added value, as reported by Al-Mashhad Al-Sudani website.

For his part, the representative of the Northern State Governor, Amir Hassan Al-Bashir, affirmed that the market's opening represents a qualitative leap for gold traders in the state, who previously had to travel outside the region to complete their commercial transactions. He pointed out that the project will provide a safe and organized trading environment that will stimulate the local economy.

In the same context, Abdulrahman Mahjoub, the manager of the Sudanese Mineral Resources Company in the Northern State, explained that the new market will be the main outlet for gold trading and export through Dongola Airport and the Central Bank of Sudan. This will be done according to regulatory procedures that include environmental, safety, security, and electronic monitoring requirements.

He added that there is continuous coordination with security and economic agencies to combat gold smuggling and ensure the smooth flow of legal and secure trading operations, amidst Khartoum's efforts to increase its utilization of gold resources as one of the country's most important sources of foreign currency.