The State has decided to lift the suspension of the export of gold, but that does not mean that mismanagement reigns”, mentioned the Minister of Mines and Strategic Resources, Olivier Rakotomalala, during a press conference. at its premises in Ampandrianomby yesterday.
This decision was taken by the Council of Ministers. Accompanying measures have thus been put in place in order to properly regulate this gold-bearing sector. By way of illustration, “all the exporters of this yellow metal are obliged to repatriate currencies, and this, within a shorter period”, reiterated the minister in charge, Olivier Rakotomalala. In addition, new provisions have also been put in place to ensure better traceability of the sector throughout the value chain, starting with extraction, collection and export. In addition to the obligation to repatriate currency, exporters must make a sale on the Interbank Currency Market. Speaking of the granting of approval to gold counters responsible for collection in production areas, the Ministry of Mines and Strategic Resources plans to strengthen the criteria in order to target professionals and the main actors working in the gold sector. The counter promoter concept is thus taken into account to better monitor compliance with its obligations.
63 million USD per ton
In addition, an approval of the gold counter is required for any operator wishing to export gold. Additional administrative measures are introduced in the event of non-repatriation of foreign currency and non-compliance with the shorter deadline for the repatriation of foreign currency resulting from exports. The definition of new transactional conditions for export sales, in particular the use of Documentary Credit (Credoc) for a confirmed and irrevocable means of payment, is also essential, in addition to strengthening the monitoring and control systems for the trade in gold. That’s not all ! The establishment of gold traceability with the assistance of other entities will be reinforced. New measures relating to responsible gold supply chains as well as the Single Window for the export of gold will be put in place at the same time. “Faced with Madagascar’s enormous gold potential, these measures for the development of the gold sector will contribute to balancing the trade balance. The current price of gold is 63 million USD per ton,” said Minister Olivier Rakotomalala. It should be recalled that the State has decided to suspend the export of gold since September 2020 due to the multiplication of cases of clandestine exports and the non-repatriation of currencies resulting from legal exports.
Navalona R.
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