Economist Expects Dismissals At Sudanese Banks and Warns of Stagflation Radiodabanga: Sudan
In an interview with Radio Dabanga, Ismail said that Sudanese banks are resorting to offering 'an optional pension' to their staff, accompanied by other measures in the hope to reduce the workforce and bring down operating costs.
Ismail explained to Radio Dabanga that the Sudanese banks are suffering from a cumulative crisis due to two factors. The first is the financially weak budgetary positions of banks because debts have grown larger than the financial capital and reserves of these banks due to corruption. The second factor is related to employment, as new technologies and digitalisation have reduced the need for employees and diminished their role in financial operations. At the same time, banks are in need of more skilled workers capable of keeping up with the pace of technological progress.
The decision to make pensions 'optional' is one of several incentives"to get rid of the armies of workers in order to reduce the operating costs," Ismail explains. He expected banks to resort to dismissal of employees to address the problem of the weak budget.Stagflation and agriculture The economist criticised the recent statements of Sudan's Minister of Finance who promised to improve the economic situation, a decline in commodity prices, and a decline in inflation rates.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Repo rate hike: Sarb is simply protecting the value of the rand - economistThis follows the increase of repo rate which increased by 50 basis points.
Read more »
Repo rate hike forcing SA into recession - economistEfficient group economist Dawie Roodt says with the latest increase in the repo rate, the South African Reserve Bank has probably forced the country's economy into a recession.
Read more »
WATCH: Food for thought on CompCom’s price hike criticismBusiness Day TV spoke to an agricultural economist Thabile Nkunjana
Read more »
Ten Hag expects Rashford to be fit for Man Utd's Newcastle tripErik ten Hag expects Marcus Rashford to be fit for Manchester United's Premier League trip to Newcastle on Sunday.
Read more »
JAMIE CARR: Polish the gems and the imageGemfields expects another strong year
Read more »
Watch: The perilous state of SA’s economyBusiness Day TV spoke to Kevin Lings, chief economist at Stanlib, amid expected growth of just 0.2%
Read more »