The name of Sudan has been raised to the liability of the countries sponsoring terrorism and forbidden to the banks of the world banking dealing with Sudan during the past periods and actually correct the expectations to open the door wide for the Sudanese economy to liberate from its restrictions that were fully integrated them into the global banking system, but the United States of America completed the step and published the US Treasury DepartmentA document in which I clarified the raising of restrictions on financial transactions with Sudan and allowing the supply without obstacles to agricultural products, medicines and medical equipment. The document comes into force from May 20..
Path modification
At the internal level, a great burden falls on the country's banking system to provide the requirements that enable us to deal with the new situation and infrastructure and amend the laws and banking policies for the speed of keeping in line with developments and at the same time fulfilling basic liabilities with regard to money laundering, terrorist financing and locking the doors of corruption in commercial transactions for the sakeBuilding banking systems that go in the global direction at a confident pace
According to previous estimates, Sudanese banks can collect more than 171 billion dollars in about a year after the decision to lift sanctions on financial transfers to Sudan, and these flows include $ 9 billion expected from transfers and savings of Sudanese expatriates 18 billion dollars from the export sector, and the size of the investment sector currently currently 74 billion can double the size of the investment sector.dollar.
Return and merging
Consequently, the return of external transactions will lead to facilitating banking transactions with the outside world, facilitating the flow and increasing foreign exchange resources and foreign investments in the country and reducing the cost of financing and external transactions, which reflects positively on the Sudanese economy.
It is normal to keep pace with the expected developments on bank transfers. The central bank and the Ministry of Finance must amend policies and laws to facilitate foreign exchange flows to and from Sudan through the banking apparatus by guaranteeing international bodies in order to facilitate the entire commercial and investment processes..
External flows
This helps to decipher the crisis of external transfers with the countries of the world and will open the door for more external cash flows and reflects positively on the exchange rate of foreign currencies, and the price of the dollar in the parallel market can be decreased due to the US -Sudanese relations after raising the banking ban.
We find that the banking sector banned the Sudanese economy, forcing Sudan to use twisted roads to overcome this boycott, which promoted the currency trade and resorting to importing goods without opening accreditation accounts and imports comes through smuggling.
And the step that has been constituting many benefits and enables the Sudanese banking sector to fully integrate with the global banking system..
better future
For his part, economist Abdullah Al -Ramadi described the positive step and bears a great breakthrough after the issuance of the US Off..
He expressed his optimism that things will proceed to the best to look at Sudan by applying the dose of the World Bank and its painful throat that the government forcibly passed over the people, which caused an unprecedented boom from 70% to 364%, which caused a lot of suffering to the citizen and entered large segments of the people below the poverty line and the resultFor these procedures, the price doubled by 300%and the failure to increase salaries, which left a great hardship and the effect on the social aspects.
He said: We expect the best in the future after the emergence of the results of the Paris conferences, because the external incubator of the transitional government is America and the countries of the West, and it is the one that runs and imposes policies, so they will not allow the full failure of the government despite the presence of confusion and lack of knowledge of those in charge By reducing or abolishing debts on Sudan, according to the promises of the Paris conference, this also has a strong boost for the Sudanese economy, and there are billionaires in dollars on its way to Sudan. If the government did well, the next support will have a great positive impact on the country's start towards new horizons and move the potential energies.
He called for changing banking laws and labor law and fighting smuggling to keep pace with the upcoming developments.
And sympathetic to the beginning, the publication of the banking restrictions is an old renewed, and it is hoped that the decision to cancel banking restrictions will be reflected positively on the banking sector in general and that the Sudanese people benefit from it and this is a new page in the path of the economy and contributes to a very big role in economic empowerment and controlling the exchange rate.
The banking sector needs the mechanisms for implementing the decision, especially in technical aspects, to keep pace with the global development in the field of banking services, so it is necessary to make a major change on the structure of local banks and the development of the banking sector so that it can keep pace with the high technology and global standards followed by correspondence systems, and there are special American standards that should bePreparing for it, and on the impact of the decision on the parallel market and currency trade, it is expected to significantly limit its impact, and the government and the central bank are required to revise policies and issue banking legislation that keeps pace with the services that are taking place.
An imminent breakthrough
A banking expert - preferring to withhold his name - stressed that the return of external transactions will lead to facilitating banking transactions with the outside world and facilitating the flow and increasing foreign exchange resources and foreign investments in the country and reducing the cost of financing and external transactions, which reflects positively on the Sudanese economy, and said that any breakthrough in transactions with countries is reflected positivelyIn reducing the exchange rate according to the specified ceiling of this.
Among the most prominent negative repercussions of the sanctions on Sudanese banks is the loss of a large part of their external business, profits and agents abroad.The Central Bank and the Ministry of Finance expected new policies that guarantee the facilitation of foreign exchange flows to and from Sudan through the banking system by guaranteeing international bodies in order to facilitate the entire commercial and investment processes..
Report: Rasha Al -Tomsheh Al -Sayeh