CBOS planning to withdraw old SDG 50 notes.
The new director of the Central Bank of Sudan (CBoS), Hussein Jungul , said a decision would be expected to withdraw the old category of SDG 50 notes from circulation during the coming period. The old notes were used for many years until a new design was introduced in June 2018.
Dr Hasan Bashir who is a professor in economics at El Nilein University, described in an interview that the decision to remove the old SDG 50 note from circulation is “death and home destruction”.
He also explained that the SDG 50 note constitutes 70 percent of the mass of cash out of which 80 percent is outside the banks. He predicts that these funds will not be returned immediately to banks and that their owners would have to go for other alternatives.
The printing of new currency by the CBoS has been necessitated by hyperinflation, coupled with a chronic shortage of hard cash. Cash withdrawals from ATMs are also severely restricted. As a result of the unavailibility of cash , most of the available currencies are kept by people at home rather than depositing it bank which is difficult to retrieve afterwards.
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