Ahmed Ibrahim Ballal
The governor of the central bank of Sudan (CBOS), Hussein Jangool, announces that there is an expected order to be issued regarding the withdrawal of the old SDG50 banknote from circulation.
The measure is not without reactions, especially on the part of the economists. To begin with, Osman Al Toum, former manager of Al Nilein bank, states that the withdrawal of the SDG 50 banknote, is not without adverse consequences. ‘The withdrawal is very expensive; the state has to pay hugely to realize this aim’.
Alternatively, he went to talk about, ‘restoration of trust between the clients and the banking system; Reliance on electronic means as a resolution to the cash problems. And the intensification of media campaigns in order to overcome the predicaments associated with cash’.
Economic expert, Babikir Mohamed Tom, sees that instead of focusing on the issue of the withdrawal of the old SDG 50 banknote, the concentration should be devoted to the activation of the repayment electronically. ‘Neighboring countries such as Somalia are noticed to conduct transactions electronically. Even if desiring a cup of coffee, it is also dealt with electronically’.
The economic expert points out that and the situation now globally, radical resolution to obstacles should be via networks and cards.
Haitham Mohamed Fathi, economical analyst, considers CBOS’s tendency to withdraw SDG 50 paper from circulation is among the many the measures that were adopted to control liquidity as well as to curb the inflation rates, calling on CBOS to preserve the national currency for the realization of economic stability.
He went further to praise the move of withdrawal of the old SDG 50 banknote since it helps to specify the amounts of liquidity cash in circulation.
And Awad Babikir, director of the animal resources bank, says that withdrawal of the old SDG 50 banknote is one of the repeated demands in the recent period.