Parliamentarian: The Sudanese government is proceeding with comprehensive economic reforms

[RJG]

Parliamentarian: The Sudanese government is proceeding with comprehensive economic reforms

Economy | 06:24 - 12/23/2023

 

 

 

 

Mawazine News - Baghdad 
MP Kazem Al-Touki confirmed today, Saturday, that the government of Muhammad Shiaa Al-Sudani is proceeding with comprehensive economic reforms in the country.
Al-Touki said in an interview followed by Mawazine News, “The government has taken it upon itself to automate all transactions and we lack a culture of savings.”
He added, "The Sudanese government has taken it upon itself to automate all transactions, government work, and dealings between ministries by keeping the money that is in banks, for example, fuel."
He continued, "Everyone will be forced to deposit money in the government's balance, which is similar to compulsory savings within central banks."
Al-Touki stated, “The main problem lies in the lack of a culture of savings and citizens withdrawing all money from outlets because this is a recent experience and the government needs to encourage citizens through other future measures.”

https://mawazin.net/Details.aspx?jimare=239552

[RJG]

The government and the Central Bank win the battle for financial and banking reform in 2023

Financial and banking advisor, Samir Al-Nusair
Articles


The data, indicators, achievements and preliminary results achieved in 2023 indicate that the government of the Prime Minister, Mr. Muhammad Shia Al-Sudani, and the Central Bank, in continuous cooperation and coordination between them, have resulted in their comprehensive reform steps contained in the government curriculum in the axis of financial and banking reform and in the strategy of the Central Bank, which focused on regulating foreign trade financing. Opening direct dealings between Iraqi banks that secured the necessary requirements to deal with correspondent banks and opening new foreign currencies in addition to the US dollar. Such as the Chinese yuan, the euro, the UAE dirham, the Indian rupee, and the Turkish lira. To be traded for external transfers with these countries in accordance with understandings and agreements with the US Reserve and the US Treasury Department.

The role of the Central Bank will be supervisory and supervisory. The other achievement is the compliance of Iraqi banks with the global banking system and regularity within the system of international banking relations, which has restored confidence in the integrity of banking transactions with Iraq. This is an important and basic goal. The other important goal, which the government is working to implement in cooperation and coordination with the Central Bank and the Association of Banks. Electronic payment companies are moving and transforming from the cash economy to the digital economy and the issuance of a number of decisions from the Council of Ministers and several instructions and executive procedures from the Central Bank to achieve this in a record period. And work to complete the necessary infrastructure to achieve digital transformation in the banking sector. The government is working seriously on governance and automation of the tax system, the customs system, and networking with the Central Bank of Iraq.

The new thing in the Sudanese government is that it draws up plans and follows up implementation on a daily basis with the parties concerned with implementation and participates in facilitating procedures and overcoming obstacles first and foremost. It consults continuously with the Central Bank as an advisor to the government. Since we are in the last week of 2023, the Central Bank and the government have set before them in 2024 the completion of financial and banking reforms in a way that achieves complete financial and banking reform and controlling and maintaining the stability of the exchange rate of the Iraqi dinar in a way that does not allow the official rate to be equal to the exchange rate in the parallel market. And that the planned goals for the year are Mentioned as follows:

First - Building a stable financial system lies in accompanying financial electronic systems.

Second: Commitment to establishing the rules of compliance, risk management, transparency, and soundness of financial operations.

Third: Working to strengthen international relations, including establishing a network of relations with foreign correspondent banks.

Fourth: Establishing a Riyada Bank and redirecting work on initiatives to finance small and medium enterprises in accordance with standards

New banks contribute to its capital and management. In line with the initiative of the Prime Minister (Riyada).

Establishing a loan guarantee company.

Fifth: Prepare and launch a financial inclusion strategy and put it into practice in coordination with the relevant authorities.

Sixth - Launching the national lending strategy, relying on the banks’ own financial capabilities to attract deposits and invest them in providing the best banking products to customers and contributing to development.

Views 51
Added 12/23/2023 - 7:22 PM

https://economy-news.net/content.php?id=38767

 

 

[Laid Back]

"Everyone will be forced to deposit money in the government's balance, which is similar to compulsory savings within central banks”

 

I can give an idea in how to force people to deposit money in the government balance.

- Revalue the dinar

- Call in higher denomination notes 

- Everyone will be forced to deposit their money

- Roll out Lower Denomination notes 

 

“The main problem lies in the lack of a culture of savings and citizens withdrawing all money from outlets because this is a recent experience and the government needs to encourage citizens through other future measures.”

 

Lets see what other measures the government is going to use to encourage citizens to trust the banking system an open a bank account.!

 

Go Stronger Dinar

Go Purchasing Power 

 

[Dretown39]

2 minutes ago, Laid Back said:

"Everyone will be forced to deposit money in the government's balance, which is similar to compulsory savings within central banks”

 

I can give an idea in how to force people to deposit money in the government balance.

- Revalue the dinar

- Call in higher denomination notes 

- Everyone will be forced to deposit their money

- Roll out Lower Denomination notes 

 

“The main problem lies in the lack of a culture of savings and citizens withdrawing all money from outlets because this is a recent experience and the government needs to encourage citizens through other future measures.”

 

Lets see what other measures the government is going to use to encourage citizens to trust the banking system an open a bank account.!

 

Go Stronger Dinar

Go Purchasing Power 

 

Facts!! CBI I got things to do!..so COME ON! Or as my uncle would say..Huurrr Up!😆

[Dinarrock]

50 minutes ago, Laid Back said:

"Everyone will be forced to deposit money in the government's balance, which is similar to compulsory savings within central banks”

 

I can give an idea in how to force people to deposit money in the government balance.

- Revalue the dinar

- Call in higher denomination notes 

- Everyone will be forced to deposit their money

- Roll out Lower Denomination notes 

 

“The main problem lies in the lack of a culture of savings and citizens withdrawing all money from outlets because this is a recent experience and the government needs to encourage citizens through other future measures.”

 

Lets see what other measures the government is going to use to encourage citizens to trust the banking system an open a bank account.!

 

Go Stronger Dinar

Go Purchasing Power 

 

Yep the only way they will be forced to deposit is if the dinar value is higher then the dollar!! Awesome news once again it seems to me!!

[screwball]

1 hour ago, Dinarrock said:

Yep the only way they will be forced to deposit is if the dinar value is higher then the dollar!! Awesome news once again it seems to me!!

Yep…and i would think that they need the money in the banking system…if it’s true that 70% is being hoarded! And your right only greater or higher than the dinar! 

[keylime]

4 hours ago, Laid Back said:

"Everyone will be forced to deposit money in the government's balance, which is similar to compulsory savings within central banks”

 

I can give an idea in how to force people to deposit money in the government balance.

- Revalue the dinar

- Call in higher denomination notes 

- Everyone will be forced to deposit their money

- Roll out Lower Denomination notes 

 

“The main problem lies in the lack of a culture of savings and citizens withdrawing all money from outlets because this is a recent experience and the government needs to encourage citizens through other future measures.”

 

Lets see what other measures the government is going to use to encourage citizens to trust the banking system an open a bank account.!

 

Go Stronger Dinar

Go Purchasing Power 

 

That is such an interesting statement. I wonder if the translation is off. I can't see them forcing people to deposit money, maybe compelled or encouraged. Either way, there can't be too many things that could get people to extract their money from their mattresses and put it in the bank unless it really benefits them in a massive way. And personally a free toaster won't be that "it"....Things that make you say "hmmmm"....

[Dinarrock]

58 minutes ago, keylime said:

That is such an interesting statement. I wonder if the translation is off. I can't see them forcing people to deposit money, maybe compelled or encouraged. Either way, there can't be too many things that could get people to extract their money from their mattresses and put it in the bank unless it really benefits them in a massive way. And personally a free toaster won't be that "it"....Things that make you say "hmmmm"....

The only thing that will compel them is if the dinar value is higher than the dollar!! Yes I believe they used the wrong word being forced but essentially the same meaning! Raise the value of the dinar more than a dollar and pay them a good interest rate and the citizens will in essence be forced to deposit their dinars into the the banks! All Iraqis also know everyone is hoarding their dinars as mattress money also so once they do raise the value it would be crazy to keep your dinars n your home there would be too many robberies IMO. They will rush to the banks to deposit their dinars!! Hopefully all these articles are true and come Jan 1st we do not see oh we have a delay in banning the use of the dollar for transactions!! That is the only thing I can foresee that would delay this RV now!!!

[8th ID]

1 hour ago, keylime said:

I can't see them forcing people to deposit money, maybe compelled or encouraged.

I remember reading once before that Iraq wanted to be the first truly cashless society. If that’s the case, it would be easy to get people to deposit their money. If they prohibit any and all cash transactions then people will follow. Just think about the mark of the beast in Revelations. Same principle. 

[T B]

i wish i could go back in the 60,s and buy me 2 candy bars for 10 cents ! but in 70 0r 71 they took the silver from our currency and flat out stole it and give us paper they use to mass process when they need it! yea its gotta stop sometime lord! let the crooks be revealed!  we KNOW THEM!😀 sad some wont reach judgement lord! wont name them all, to many!😀 they all love war and crime!

[keylime]

11 hours ago, 8th ID said:

I remember reading once before that Iraq wanted to be the first truly cashless society. If that’s the case, it would be easy to get people to deposit their money. If they prohibit any and all cash transactions then people will follow. Just think about the mark of the beast in Revelations. Same principle. 

Probably not before massive backlash and rioting and suicide bombs into the banks and parliament.