Suggestions to improve the value of the national currency ✍️ d. Louay Abdel Moneim – Banking expert
Given the economic challenges that the State is confronted with the light of war, improving the value of the national currency requires an integrated set of policies and measures which improve institutionalism and financial inclusion and reflect an integrated strategic vision:
* First: Stimulate local and agricultural local production *
– Restart large agricultural factories and projects by exempting production inputs and heavy mechanisms, in particular agricultural mechanisms, customs duties, including transport vehicles, factory equipment and generators, similar to the exemption granted to solar cells.
– Reach a complete economic recovery by expanding the base of production and reducing dependence on limited location resources, which improves local supply and reduces the pressure on national currency by falling speculation on the dollar on the parallel import market.
* Second: reform the banking sector and promote productive funding *
– Expand the scope of microfinance, small and medium, by mobilizing local and external resources, and by offering innovative investment tools such as Golden Pand savings exclusively for trade between banks, in order to improve liquidity and stimulate economic activity.
– Encourage sectoral integration between banks by granting special installations for banks that merger in strategic sectors (agriculture, industry, mine, trade, transport, energy, cattle), which creates more efficient banking entities and the ability to specialize.
* Third: maximize the return of the gold and mining sector *
– The transition to the direct investment of the government in the extraction of gold instead of only counting on the samples, in order to increase the cash reserve and to strengthen confidence in the national currency.
– Control smuggling operations and examine concession policies by reducing the authorized percentage to maintain returns abroad gradually from 70%to 50%, then to 30%, with effective control of companies operating in the sector.
Fourth: reducing customs tasks to motivate the market *
– Announce a complete reduction in customs fees, in particular on fuel, due to its direct impact on the cost of production and transport, and therefore on basic products, which contributes to braking inflation and improving purchasing power.
* Fifth: reform the tax system and stimulate the vital sectors *
– Determine a fair tax burden for each sector in coordination with professional unions, while granting tax reductions to economic priority sectors, in order to improve compliance and stimulate productive activity.
* Sixth: Fill out the sending of expatriates in an institutional way *
– Impose a compulsory annual transfer through the banking system for expatriates working with wages exceeding $ 1,000 per month, with an amount of at least $ 500, which is recovered with the same transfer currency without a period of time, depending on the models in place in countries such as Egypt, which improves bank liquidity in foreign currency and reduces dependence on parallel march.
* Seventh: Launch of national subscriptions to develop infrastructure *
– The call for public subscription in the national strategic companies that include:
Sudan Ports Company: to extend and update sea ports.
Sudan Transport Company: for the development of land transport, river and railways.
Gold Sudan: Financing the extraction and export of gold and increasing the national reserve.
* Eighth: Fill out popular support for the return of the move *
– Invite expatriates and merchants to make a deliberate donation to support efforts to return the displaced to their homes, in a way that contributes to the remuneration of affected people, encourages the return of immigrant skills and improves social and economic stability.
Please note: I had talked about the question of reducing unnecessary imports to reduce the demand for dollar on the parallel market in more than one article, it seems that the ministries of finance and trade do not support this trend and their argument in the presence of luxury, so they prefer to raise customs costs to reduce the imports of non-intention), and the construction of personalized models to reduce the imports of Nonssess and argument.
