Private Sector to Pump Cash to Banks

Al-Sammani Awadallah

Khartoum – The private sector will start today the implementation of its initiative of pumping cash in the banks in order to contribute in resolving the cash crisis which dominated the banking system in the recent weeks.
The step came as a result of the meeting that includes the Federation of Sudanese Businessmen and Employers, the Governor of the Central Bank of Sudan, Dr. Mohammed Kheir Al-Zubeir and commercial banks directors.
Sudanese Banks Union Chairman, Abbas Abdallah Abbas affirmed the commitment of the banks to refund the money whenever it is needed, lauding the private sector’s initiative in pumping cash in the banks to assist in resolving the liquidity crisis, considering the stance as creative for healthy and stable economy.
He pointed out to the Banking Union concern towards the nation’s issues through working in removing the obstacles.
It is worth noting that the private sector adapted the initiative of pumping cash in the commercial banks to restore the confidence on the banking system to enable it conduct its role appropriately.
For his part, former Minister of Finance, Izzadden Ibrahim described the initiative as good and timely.
He said that the size of the total liquidity is SDG360 billion out of which SDG90 billion are out of the banking system (liquid money), warning against keeping the cash in the safes as it will be subject to theft.
He called on the Sudanese Businessmen and Employers to adapt another initiative by banning buying the foreign currency (the US dollar) from the black market for one or two weeks to contribute in reducing the exchange rate.

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