Regulatory Alerts2024-08-19
A circular dated August 19, 2024 regarding increasing the follow-up period for the receipt of export proceeds of gold jewelry
In reference to the regularly published book as at December 18, 2022 and following the reduction in reporting lag for specialized gold export operations from being 30 business days from shipment date to 7 business days, along with adjusting the relevant books of records for excluded activities involving either: i) exporting gold for external refining then re-importing it; or ii) importing gold for local refining and then re-exporting it; or iii) exporting gold mining operations, thus ensuring that specialized gold export operations are reported within 30 business days from shipment date. Considering the nature of private trade in gold, and with Central Bank support to ensure that suppliers of gold mining operations adhere to: i) extending the reporting lag for specialized gold export operations to 75 business days from shipment date; while ii) fully complying with all other pertinent guidelines. Please kindly abide by these changes. Thank you very much for your cooperation, Yours sincerely,