Expert Proposes Solutions to the Central Bank of Sudan to Overcome the Cash Liquidity Crisis
Sudan Events – Rehab Abdullah
Economic expert Dr. Haitham Mohamed Fathi has put forward several proposals to the Central Bank of Sudan to address the ongoing cash liquidity crisis.
He urged the central bank to exempt customers from all fees and commissions related to individual bank transfers conducted through electronic channels and mobile applications. Additionally, he recommended facilitating remittances from Sudanese expatriates by enabling money transfers through banks, ensuring that funds sent from abroad reach beneficiaries in Sudan directly in Sudanese pounds.
Dr. Haitham Fathi emphasized that, despite the Central Bank’s initiatives and reassurances to banking sector clients, there is still a pressing need to strengthen the overall stability of the financial system. He highlighted the importance of enhancing public confidence in the banking sector’s resilience, ensuring the safety of their funds, increasing the sector’s flexibility in handling future crises, and reinforcing its readiness to play an active and dynamic role in potential recovery plans.
He called for the implementation of a comprehensive set of policies and interventions to enhance the banking sector’s ability to navigate the current crisis, mitigate the effects of war, and take on a more vital role in both immediate recovery efforts and long-term economic development.
Furthermore, Fathi stressed the necessity for the central bank to adopt measures that promote financial inclusion, such as allowing individuals under 18 to open accounts and link savings instruments to their names. He also advocated for simplifying the process for young people to open bank accounts and urged the central bank to require banks to regularly update customer data. He argued that such measures would improve security, safeguard personal data, and standardize banking procedures across financial institutions.
