The Central Bank of Sudan (CBoS) has announcec that its financial policy in the year 2019 is aimed at realizing financial and monetary stability to achieve sustainable development to overcome inflation that reach to 27.1% in order to increase the Gross Domestic Product GDP and to realize good development rate 5.1%.
The new policies based on nine goals, to curb inflation, rate exchange stability, to restore confidence to the banking system, to increase foreign currency sources through improving the electronic payment policy which planned to establish 1850 machine banks and 500 electronic payment points in 2019 explained the director of policies administration in CBoS Mutasim Abdallah.
Towards Electronic Payment Tools
The transformation from cash to digital currency is the only option to solve the cash scarcity, Abdallah assured that inflation rate will be reduced soon to become 27.1% the matter that contribute effectively to prices stability, as regard to the monetary policies the official stated that CBoS has directed the commercial banks save 20% of the local currency and other 20% of hard currency to increase money supply rate development to become 5.1% which means the percentage of the cash reach to 36%.
The Rate Exchange
According to Mutasim, that the CBoS has adopted a good policy to stabilize the rate exchange of SDG before US dollars due to the “Supply and Demand” to control the daily rate set by the “Market Mechanism” which includes the government and the businessmen who deal with hard currencies, while the CBoS monitor the government assets and finance to increase the hard currency through better investment and exportation improvement, also the CBoS is drawing attention to the remittances, in the same context the plan aimed at generating much more money from the non banking financial institutes, in order to increase the number of the banks clients, the CBoS urged the commercial banks to simplify the procedures of opening bank account, alongside encouraging electronic payment system.
Partnership with Private Sectors
The government has focused on smart partnership with private sector to run common productive projects via long term funding act such as estate funding that requires 25% as first installment, the CBoS also encouraged the micro finance projects through the 12% that allocated by the commercial banks.
The CBoS has set strong principles to ban the banks from investment in estates or buying hard currency as well as dealing with money laundering.