JUBA, Jan. 11 (Xinhua) -- South Sudan's central bank said Tuesday that a spike in COVID-19 infections will negatively impact the country's economy in 2022.
"The year 2022 will come with its own challenges especially as the cases of COVID-19 are increasing almost on a daily basis and the economic impact is expected to be severe," Moses Makur Deng, newly appointed governor of the Bank of South Sudan told reporters in Juba, adding that the bank will increase the volume of auction amounts to stabilize the market.
South Sudan's Ministry of Health confirmed the cumulative number of confirmed positive cases to reach 16,269 as of Monday.
The number of those who have recovered rose to 12,934 while deaths stood at 136 since April 2020 when the first case was registered in the country.
Deng said the apex bank will be releasing the country's monetary and banking policies for the year 2022, adding that the policies will endeavor to maintain the annual headline inflation rate at a single digit of 8 percent with a margin of 1 percent.
South Sudan's economy is struggling amid hyperinflation caused by many years of conflict and the one that broke out in December 2013 affected oil production in the northern oil fields causing a reduction in oil revenue.
In addition, COVID-19 has negatively impacted both oil and non-oil revenue in the country for nearly two years. ■
