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Vol 53 No 24

Published 30th November 2012


Sudan

The new gold rush

Khartoum’s new gold mining operations may alleviate its worsening foreign exchange crisis but they will increase financial instability in the medium term. As the world gold price moves steadily upward, old workings are coming back to life. In Sudan, gold has been mined since the time of the Pharaohs, who shifted from silver and set the first international gold standard

Sudan’s economy is in a bad way since it lost 75% of its oil revenue in its quarrel with South Sudan. This week, it refused to implement September’s agreement to get oil flowing again. As economic conditions decline further – annualised inflation was over 45% last month – and rumours spread that President Omer Hassan Ahmed el Beshir is fatally ill, fissures are opening up in the regime.

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