Settlements in dollars are prohibited, and electronic payment will raise the dinar – Sudanese advisor, 28 NOV

 Settlements in dollars are prohibited, and electronic payment will raise the dinar – Sudanese advisor, 28 nov

Settlements in dollars are prohibited and electronic payment will raise the dinar - Sudanese advisorMazhar Muhammad Saleh, advisor to the Prime Minister for Economic and Financial Affairs, said on Monday that the electronic payment system will preserve the monetary supply of the dinar and raise its value against the dollar, while noting that internal settlements in dollars are prohibited.

The cash payments system is linked to a high degree of certainty whenever payments are made by electronic or digital means, which provides an accurate liquidity indicator in the banking system and reduces the degree of ambiguity and uncertainty in banking liquidity. The payments system also provides sufficient information about the flow of the cash mass into the banking system and makes it clear The amounts of paid and accumulated amounts and a statement of their actual balances at all times during the banking working day.

In direct cash systems, bank liquidity management policies surround themselves with additional hedges of disruptive liquidity in order to anticipate liquidity risks, which disrupt banking and credit operations in particular.

As electronic payments increase as a behavior in daily dealings, the management of the cash mass and its flow in the banking system will be subject to the rule of clarity in cash management, and then bank credit will be directed towards profitable areas, which will provide efficient use of the cash mass, in addition to the fact that the percentage of cash leakages outside the banks will decrease. This means that a structural change in the behavior of cash demand among individuals and banks will lead to a decline, due to dealing with electronic payment systems that are linked to bank accounts.

The development of the payments environment and its transition from the direct cash environment or cash payment in payment and receipt operations to the use of electronic payment; In all cases, local cash payment in currencies other than the dinar will be restricted, and it will alienate the economy and distance its transactions from cash payment in foreign currency, because digital payment systems do not allow transactions in the local economy in anything other than the national currency.

In Milan, the economy will move its transaction payments to the (digital dinar) instead of the (cash dollar), whose transactions in internal settlements are completely legally rejected.

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