Head of Bank Workers to Sudanhorizon: These Steps Can Ensure the Success of the Currency Change

Sudanhorizon – Nazik Shammam

Head of Bank Workers and Financial Business, Youssef Abdel Rahman Al-Obaid, linked the success of the decision to change the currency taken by the Bank of Sudan during the past few days to the implementation of a number of steps.

He stressed that this initiative must be accompanied by practical steps to ensure its success in a more optimal way and not be like previous decisions to change the currency.

Al-Obaid indicated in a statement to Sudanhorizon that Sudan had previously changed the currency with the aim of returning the monetary mass to the banks, but after years he lamented that an estimated 85% of the monetary mass is outside the banking system.

He stressed that there are parallel steps that must accompany the change process, the most important of which is the redeployment and positioning of the branches of the banking system in the country, noting that there are large states that include seven localities in which there is only one bank branch, which causes the idea to be defeated.

He explained that if it is costly for banks to establish branches in different parts of the country, electronic payment methods can be activated, accompanied by a broad media campaign and presentation of the benefits of electronic payment methods.

Al-Obaid stressed that returning the cash flow to the banking system is one of the major challenges facing the banking system, and said that “the measures taken by the Central Bank by directing banks to facilitate the opening of bank accounts and opening accounts online is a sound measure.”

He added, “The step of facilitating the opening of bank accounts is an attempt to fix the old shortcomings.”