Sudanese Minerals Min.: Gold Exports Reached $1.7 Billion

Sudan's gold exports hit a record of over $1.7 billion for the first time ever, accounting for 40% of Sudan's exports in 2021.

The Sudanese Minister of Minerals, Mohamed Bashir Abdalla, believes that the record is going to increase further in 2022 due to the sector’s attractiveness.

Abdalla made those statements during a dialogue session on the sidelines of the 16th Arab International Conference on Mineral Resources, which is hosted by the UAE and held in Fujairah.

Meantime, the Sudanese Ministry of Finance had agreed to establish the first gold exchange, after fulfilling the required conditions in accordance with internationally established standards.

Sudan aims to establish the gold exchange in order to reduce its smuggling, as well as contribute to supporting the national economy and working on stabilizing the exchange rate.

The committee recommended completing all transactions of gold sale proceeds through the banking system according to a certificate of ownership that allows it to perform any financial disposal.

Contributed by Omnia Ahmed @Walid Farouk