«Central» Sudanese: an imminent breakthrough for the liquidity crisis in banks

«Central» Sudanese: an imminent breakthrough for the liquidity crisis in banks

New law on foreign exchange in Sudan criminalizes trafficking and smuggling At a time when the Central Bank of Sudan announced a new law to deal with foreign exchange criminalizing currency trading and smuggling, the governor of the bank, Hazem Abdul Qader, yesterday considered that the liquidity crisis in the country recently, and the procedures that accompanied it, are temporary. The governor said that the central bank is seeking to solve the problem of liquidity in the near future, within the framework of policies of financial inclusion. Over the past two months, Khartoum has witnessed a crisis in the provision of local currency, which led the Bank of Sudan to set a ceiling for customers to withdraw from banks, which provoked reactions and post-results detrimental to electronic payment services. The banking expert Mohammed Khair said in an interview with Asharq Al-Awsat that the recent policies of the Bank of Sudan related to the reduction of cash in circulation in the market, during which the maximum amounts of withdrawals from the balances of customers and depositors are not enough. About $ 120). But they vary from one bank to another, and each bank has cash withdrawals. He added that this measure led some to buy iron safes, and put their money in and kept in homes, and some of the use of electronic pointers selling in the country, where it became a haven for those wishing to get cash instead of goods, which is contrary to the goal of points Selling in shops, a cash in the card for a commodity and not for cash. The number of telecom carriers is more than 10 million. And the number of those who have been issued ATM cards to about three million people from different segments and varieties of Sudanese society. Last month, the government authorized some 80 companies to import large numbers of points of sale. The Bank of Sudan launched a national e-payment campaign yesterday, as part of its efforts to promote e-banking services that have grown in number over the last two months after many have taken advantage of points and sales centers. There are multiple service windows available from banks and licensed service providers Them by the central bank. According to economic analyst Mohammed Khair that the recent measures aimed at setting ceilings to withdraw from bank accounts is not an attractive tool for customers and savings of workers abroad. He pointed out that the current situation has deprived the citizen confidence in dealing with the banking system, noting the proliferation and recovery of the large storage trade finally in the market as a result of the turn of many, and reluctant to put their money in banks. On the other hand, the Sudanese Council of Ministers approved the draft law regulating the handling of foreign exchange for the year 2018. The law prohibits the handling of Sudanese cash outside the Sudan except to the extent permitted by the regulations, and the prevention of commercial transactions in foreign exchange for non-authorized parties, such as banks and authorized bodies of the Bank of Sudan. And to oblige exporters to recover the value of the issuance on the date specified for the benefit determined by the Central Bank of Sudan. The law guarantees the import, export and possession of gold, precious metals and precious stones. The law considered that the smuggling of foreign exchange and the initiation of smuggling is a crime. The bill provided for penalties for offenders for a period not exceeding ten years or a fine or both. The law also requires the confiscation of seized property, the vehicles used and the means of keeping the money used in the crime, and the confiscation of the property in which the crime was committed. The bill comes within the framework of the activation of economic measures to combat smuggling and protect the banking system from harmful speculation in foreign exchange and the smuggling of gold, precious stones and precious metals.

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