Economist Demands Financial Transfers Tracing  

Sudan Events – Nahid Oshi

The economic expert, Dr. Mohammad Al-Nayer, called for the abolition of the circulation of large denominations of currency (1000-500) pounds in economic activity, provided that they are supplied in Sudanese banks to mitigate the negative impact of the looting and theft of funds that took place during the ongoing war. He noted in a statement to (Sudan Events) the necessity of tracing large transfers that were not from a commercial activity or business, and knowing the source of that money

With regard to exchanging the currency, he reduced the possibility of that now, particularly since the procedures for changing the currency are long and expensive, and in wartime conditions it is difficult for the state to save the cost of printing a new currency, as changing the currency also requires reconsidering the class composition of the denominations currently in circulation, either by deleting zeros, as happened before, or changing the denominations, so that the approved categories are (100) pounds, and the categories below that (5.10.20.50) are canceled.

However, he indicated that the matter requires different measures, which is canceling the circulation of 1,000 pounds and 500 pounds from economic activity and only allowing it to enter the banks, particularly since more than 90% of the monetary mass is outside the banking sector (before the war).

He said that if electronic transactions were activated in buying and selling operations in a large way, it would contribute to reducing the difficulties facing the citizen.