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Gold export: The State lifts the suspension, operators are obliged to repatriate currency

04/04/2023
Source : ORISHAS FINANCE
Categories: Raw materials

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During a press conference at its premises in Ampandrianomby on April 1, 2023, Olivier Rakotomalala, Minister of Mines and Strategic Resources announced that the State has decided to lift the suspension of gold exports, but that does not mean that mismanagement reigns.

The State of Madagascar adopted in the Council of Ministers la décision to lift the suspension of gold exports. Indeed, accompanying measures are being put in place with the aim of properly regulating this gold sector. According to the minister responsible, Olivier Rakotomalala, “all exporters of this yellow metal are obliged to repatriate currency within a shorter period of time.” In addition, new provisions are also being put in place to ensure better traceability of the supply chain throughout the value chain, starting with extraction, collection and export.

In addition to the obligation to repatriate currency, exporters must sell on the Interbank Foreign Exchange Market.

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