Banking Expert Issues Reassurances Regarding Customer Deposits

Sudan Events – Rehab Abdullah

Banking expert Dr. Louay Abdul Moneim has reassured bank customers about the fate of their money.
Louay confirmed in his speech to (Sudan Events) that the banks’ position is secure, and he attributed this to the fact that the Central Bank has legislation, policies, legal reserves, and a deposit insurance fund that guarantees the preservation of the public’s deposits. He pointed out that the amounts available in the branches in general are limited and are sufficient for the branch’s need to meet withdrawals for a day or two, and there is a follow-up and control mechanism that does not allow the branches to keep amounts in excess of what is permitted (not more than 10% of the total deposits), so the amounts are looted in the banks that if it was attacked, it does not pose a major threat to the financial position of the banks. In addition, the banks insure the safes in the branches against theft, riots, and breach of trust with large local insurance companies, and they in turn carry out the reinsurance process with international insurance companies abroad whose financial position is solid.
The Central Bank announced that it will work in coordination with the executive departments of the banks and other relevant parties to adopt all alternatives and solutions that will enable banks to deal with the effects and losses resulting from this crisis, within the framework of the laws and accounting and supervisory standards regulating banking work and in a way that preserves the rights of depositors and banks customers and achieves the safety and stability of the banking system.