Editorial: Enforcement of Emergency Order Number (6)

After the declaration of State of Emergency, President Al Bashir issued Emergency Orders number 6 forbidding storage and speculation of the national currency.
The order prohibits speculation in the national currency for the purpose of harming the national economy, and storing it outside the banking system for non-authorized parties for the purpose of speculation and damage to the economy.
The Emergency Order prohibits any person from possessing or storing amounts exceeding one million Pounds and any legal body storing or possessing a national currency that does not fit the size of its activity up to a maximum of five million Pounds.
The order prohibits the possession or storage of a national currency owned by third parties in exchange for or for the purpose of circumventing the value prohibited to store or hold under this Order.
The order prohibits the counterfeiting of national and foreign currencies or the possession or transfer of any counterfeit currency or any counterfeit currency or incitement by any means to forge the national currency or not to deposit it with banks.
National Intelligence and Security Service (NISS) announced that specialized teams from the economic security department are tasked to enforce emergency order No. (6), including inspection and arresting the speculators in the national currency or storing it outside the banking system as of today the 1st of April, 2019.
However, the purpose of the emergency orders and its enforcement is to bring back the banknotes to the treasuries of the banks to enable it do its job.
As a matter of fact, 98% of the banknotes are now outside the banking system a matter that affected negatively the banks in making its transactions.
But the banks also should have adapted economic measures before enforcing the emergency orders.
The banks could have provided additional banking services to attract the customers such as initiating marginal profits on the current accounts or simplifying the policies and procedures.
The enforcement of the emergency order should be accompanied by an organized and well prepared awareness campaign to show the citizens the risks of storing the banknotes in their houses as it might be subject to be stolen, or fire or even being trimmed by rodents and became void.
Providing good banking services besides the awareness campaign could restore the confidence in the banking system.

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