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Friday, 14 December 2018

CBOS: Awareness Campaign to be Launched before Printing New Currency Denomination

Khartoum (SUNA) - The Central Bank of Sudan (CBOS) has started printing a new denomination of currency

. An informed source said that a campaign would be organized to introduce the new denomination and its security marks before its printing and circulation. "The printing of the new currency denomination has positive effects in solving the problem of the cash shortage at the moment, but it needs close follow-up by the Central Bank to the position of deposits and withdrawal of the amounts exceeding the need of the economy.
Salih called for establishment of gold fund that collects its resources from the public for the purchase of gold from miners and companies and then to be sold to central banks or exporters and banks must be allowed to employ a maximum of 5% of its financing portfolio to buy gold as hedging, considering that as a safe options make the central bank exit from the trap of direct injection of liquidity and the subsequent effects of double inflation. SUNA learned from informed sources at the Central Bank of Sudan that the 100-pound denomination is now being printed.  The Governor of the Central Bank Dr. Mohamed Khair al-Zubair said, in previous statements, that there were expected treatments for the problems and challenges facing the banking system, by studying the composition of the currency denominations, which commensurate with the size of growth rates of economic activity.