Counterfeit currency and its impact on Sudanese exports ✍️ Professor Fikri Kabbashi, Al-Amin Al-Arabi
We have talked and written a lot about what happens from time to time in the presence of counterfeit currency to purchase Sudanese exports and ship them overland. The solution lies in the obligation and issuance of a sovereign decision in matters of foreign trade, even if it concerns border trade. via letters of credit (LC) and require banks to establish sales points at borders.
Documentary credits are considered the secure means used to settle international commercial transactions, particularly for exports and imports. It is important, after the end of this damn war, that Sudanese banks are oriented towards global banking transactions through the SWFIT network, created in 2007. 1973.. interbank and is called In short (SWIFT)… ( Sositey Wrldwide Interbank Financial Telecomencatin)… It is a cooperative, non-profit organization network that banks and businesses rely on for electronic financial transfers and its headquarters are in Brussels.
The number of countries participating in it is 209 countries, as well as the number of financial institutions participating in it exceeds 9,000 institutions, and according to the organizational regulations, the state must participate before its institutions are allowed to participate …
Although it is considered independent in theory and is located outside the United States of America, Washington controls it through technical windows and through the domination of the dollar over international trade, thus obtaining several advantages, including :
1. Carry out all commercial transactions through the banking system and under the direct supervision of the Central Bank, represented by the Bank of Sudan, which provides the capacity to control foreign exchange.
2. Ensure that proceeds from all exports pass through the Bank of Sudan.
3. Full capacity to combat export smuggling, particularly gold.
4. Combat the use of counterfeit currency to purchase export products, as all payment transactions are done through the banking system and the door to purchasing exports in cash on the local market is therefore completely closed .
5. Restore the effective role of the Ministry of Commerce in monitoring arrangements to control the movement of exports and imports by granting approvals and licenses to complete the procedures (LC).
In light of the repercussions of this cursed war, some voices have been raised to demand the need to change the form of currency. In fact, under normal circumstances, there are several main reasons that force countries to change the form of their currencies, the most important of which is the widespread spread of currency counterfeiting, as well as the popularity of the black market for currency trading, in plus the explosion of inflation and its high rates, such that the value of the local currency becomes weightless compared to that of the local currency. other foreign currencies. In addition to monitoring the high rates of smuggling of public funds abroad by exploiting the state of chaos and weak monitoring for several reasons, including the outbreak of this cursed war, the partial bankruptcy of the state and its apparent inability to pay its obligations due to the high cost of this cursed war, which resulted in the loss of many state resources. The most important benefits of changing the form of money, under normal circumstances, are to attract citizens' savings to state banks. banking sector, which means limiting and controlling the money supply. This is considered one of the challenges facing the banking system in Sudan… while the most significant disadvantages are: The cost that the state will bear for issuing the new currency, and depending on what was announced regarding the currency change in Sudan, was estimated at around 800 million dollars, and in light of this, it represents an additional burden given these exceptional conditions, and one of the negative points is the high demand of foreign currencies. , and in recent years, many people have been forced to change. The form of its local currency, despite the motives and reasons, differed from country to country. The most important of these countries are India, Venezuela, Turkey, Argentina, Brazil and Australia. , Turkmenistan, England, Saudi Arabia and Morocco.
Prof. Dr. Fikri Kabbashi, Al-Amin Al-Arabi.
