Reducing Daily withdrawal (of cash) from Banks and Governor Explains Reasons

Sudan Events – Rehab Abdullah

In confirmation of what was unique to the Sudan Events, the Central Bank of Sudan issued several decisions and obligated commercial banks to implement them immediately. They included a7 decision to reduce the value of the daily “cash” withdrawal to three million pounds only, while reducing the daily withdrawal ceiling through automated teller machines to fifty thousand pounds, while raising the ceiling for transfers via banking applications to 15 million pounds, “Bankak” and others, so that those dealing in local trade are not harmed.
Governor of the Central Bank of Sudan, Borai Al-Siddiq, described the goal of the recent decisions he issued to stop the continuing acceleration in the collapse of the value of the pound against free currencies.
He said, according to Al-Hakim News, that the reasons for this collapse are multiple, but he said that the most important of them is the expansion of the Central Bank in providing loans to the Ministry of Finance, which has lost most of its sources of revenue, and thus the bank alone bears responsibility for disbursement on behalf of the Ministry of Finance.
Boraie added that this trend led to an increase in liquidity in the economy and the resulting decline in the value of the pound, stressing that there is another factor, which is the activity of currency traders in the parallel market.
Borai said that prohibiting the subversive activity of these agents through policies and not security measures will inevitably contribute to reducing the demand for the dollar from the parallel market.
He confirmed that the Central Bank banned the activity of a number of them.
Borai stressed that the bank will monitor and intervene whenever necessary, and that it will restrict financing for “wide-open imports” to reduce the demand for foreign exchange.