A government consultant stressed the importance of governance of gold trading to support the current account for the balance of payments.
“The adoption of advanced industrial protection policies will reflect positively on the quality of the national gold product and the stability of its prices,” the financial and economic adviser to the prime minister, Mazhar Mohamed Saleh, told {Al-Furat News}.
He pointed out that “this step will enhance the protection of one of the most important pillars of the national and family economy, with a direct and positive impact on the current account of the balance of payments.”
Saleh explained that “regulating the import and re-export of non-manufactured gold will contribute to achieving added value for the national economy,” stressing “the importance of close supervision from the competent authorities to ensure that the movement of gold is limited within the framework of economically organized trade, with a high return and good governance.”
The Industrial Coordination Council approved in its meeting on Sunday the localization of the precious metals industry, gold and jewelry, in addition to cosmetic products, with the directive to provide all the necessary facilities for those wishing to establish their own factories, and decided to monitor the quantities of gold exported abroad, through controls that determine the remanufactured quantities, and submit documents to the Central Bank that secure the value of the outgoing quantity, and return the amount after completing its manufacture to the country, under the supervision of the Central Bank.
Ragheed
