RIYADH: The launch of a gold exchange in Sudan will help regulate trade in the yellow metal and eliminate the smuggling that has led to a scarcity of foreign currency in the country, the Financial Markets Authority (FMA) Director General, Shawgi Azmi said in an interview with Asharq.
In 2019, 127 tons of Sudanese gold was traded on foreign exchanges, while official statistics from the central bank showed that Sudanese production amounted to only 20 tons, he said.
Sudan is one of the largest African gold miners, producing between 70 and 120 tons annually, and as many as 5 million of its citizens involved in gold prospecting, Azmi said.
The gold exchange will start with the spot sales only, while other terms of trade, such as futures contracts and options, are expected to be introduced at a later stage.
Sudan’s prime minister is expected to agree soon to launch a commodities exchange focused on agricultural crops, while the FMA is researching a livestock exchange, Azmi said.
