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[size=36]The Sudanese consultant proposes two solutions to take advantage of the public's cash surpluses for development purposes[/size]
political| 10:08 - 04/04/2023
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Baghdad - Mawazine News
On Tuesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, proposed two quick solutions to take advantage of the public's cash surpluses for development purposes, while pointing out that attracting large deposits requires encouraging citizens to use electronic banking.
Saleh said, "The cash issuance amounted to perhaps 100 trillion dinars, and about 70% of it is currency in circulation outside the banking system and in the form of cash hoarding by the public, due to the inherited customs and traditions, which are deep institutional factors that society has been accustomed to for many years, knowing that the interest on Abuse of a lot of that money hoarded in the unregulated money market exceeds 80% annually, which is a type of obscene usury.
He added, "There are two quick ways to take advantage of the public's cash surpluses, especially for the purposes of development funds. The first is to deal with borrowing bonds, which are issued by the central bank or the government, which are negotiable in buying and selling, extinguishing receivables and bearing annual interest, including the issuance of Islamic sukuk as a hybrid financial instrument."
And he continued, “The second way is to spread borrowing and deposits through mobile phone banks within the wide uses of electronic banking and very easy applications, without neglecting the current banking activity in carrying out its basic duties, which is cash credit, improving banking services for depositors, and attracting their chunky deposits and other means of attraction towards banks.” And with innovative, soft and attractive tools for depositors, without also neglecting to strengthen the role of the deposit guarantee company and demonstrate its effectiveness and strength in guaranteeing the rights of depositors in the face of the risks of failure faced by banks.
Saleh said, "The cash issuance amounted to perhaps 100 trillion dinars, and about 70% of it is currency in circulation outside the banking system and in the form of cash hoarding by the public, due to the inherited customs and traditions, which are deep institutional factors that society has been accustomed to for many years, knowing that the interest on Abuse of a lot of that money hoarded in the unregulated money market exceeds 80% annually, which is a type of obscene usury.
He added, "There are two quick ways to take advantage of the public's cash surpluses, especially for the purposes of development funds. The first is to deal with borrowing bonds, which are issued by the central bank or the government, which are negotiable in buying and selling, extinguishing receivables and bearing annual interest, including the issuance of Islamic sukuk as a hybrid financial instrument."
And he continued, “The second way is to spread borrowing and deposits through mobile phone banks within the wide uses of electronic banking and very easy applications, without neglecting the current banking activity in carrying out its basic duties, which is cash credit, improving banking services for depositors, and attracting their chunky deposits and other means of attraction towards banks.” And with innovative, soft and attractive tools for depositors, without also neglecting to strengthen the role of the deposit guarantee company and demonstrate its effectiveness and strength in guaranteeing the rights of depositors in the face of the risks of failure faced by banks.
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