{"id":7661,"date":"2022-01-13T11:20:12","date_gmt":"2022-01-13T11:20:12","guid":{"rendered":"https:\/\/www.africa-press.net\/south-sudan\/all-news\/inside-central-banks-fiscal-policies-for-2022"},"modified":"2022-01-13T11:53:45","modified_gmt":"2022-01-13T11:53:45","slug":"inside-central-banks-fiscal-policies-for-2022","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-sudan\/all-news\/inside-central-banks-fiscal-policies-for-2022","title":{"rendered":"Inside Central Bank\u2019s fiscal policies for 2022"},"content":{"rendered":"

Africa-Press – South-Sudan. <\/strong><\/span>The Governor of the Central Bank, Moses Makur Deng, has announced new monetary and banking policies to revamp South Sudan\u2019s economy days after taking over office.
\nPresident Salva Kiir last week directed the new Central Bank governor to fix the exchange rates between the US dollar and the South Sudanese Pound, which remains largely unstable, to reduce inflation.
\nMr Makur said the new policies aim to achieve, among others, a single-digit inflation rate of 8 per cent with a margin of +\/- 1 per cent as well as the 1 per cent growth of real gross domestic product (GDP) in 2022.
\nHe also stated that the policies will encourage commercial banks to lend to the private sector at a rate of 40% of their total deposits and to accumulate international reserves equal to about four months of import cover.
\n\u201cThe Bank of South Sudan would like to assure the public that it is prepared to intervene at any moment should there be an apparent market volatility, to stabilise the market and thus curb inflation,\u201d said Makur.
\nChange initiated
\n\u201cIt also pledges to increase the volume of auction amount if the need arises to ensure the market\u2019s stability.\u201d
\nIn 2021, Makur, the former bank\u2019s director-general of supervision and research, replaced his former boss, Dier Tong Ngor with whom they had made some achievements in regard to the dollar and inflation rate.
\nAccording to Makur, the country\u2019s current inflation rate, which stands at 13.2 per cent as of December 2021, down from 58 per cent in December 2020\u2014one year\u2019s achievement\u2014would be further brought down to a single-digit this year.
\nHe stated that the bank will meet its targets by using the Minimum Reserve Requirement Ratio (MRRR) of 15% and 20% of local and foreign currency-denominated deposits, respectively.
\nThe bank\u2019s boss reiterated that the bank will utilise open market operations to introduce term deposit facilities beginning in February, revise the Central Bank\u2019s rate, which is 12 per cent, down from 15 per cent in 2021, and regularly engage in foreign exchange operations to inject or withdraw liquidity from the economy and stabilise the market.
\n\u201cParticipation of the bank in this market will be determined by the need to build up its foreign reserves in line with the set targets,\u201d said Mr Makur as he pointed out that the bank will increase its weekly dollar auction to 13 million.
\nHowever, this move attracted criticism last year, with some economists giving a counter opinion that it may not be very reliable.
\nIn June 2021, Dr Abraham Matoc Dhel, Vice-Chancellor of Dr John Garang University, argued that increasing dollar auctions would not address the economic crisis; but could instead enrich a few speculators who control the market.
\n\u201cThe market has been controlled by speculators, and these speculators buy the dollars, and they hoard it-it does not circulate. It is a matter of making the dollar a commodity rather than a medium of exchange, as it is expected to be. In economic terms, money is useful when it is invested or when it is circulated.\u201d
\n\u201cStill, this money will go into the hands of speculators who control the market and this will not have an impact on the prices in the market,\u201d Dr Matoc added.<\/p>\n

For More News And Analysis About South-Sudan<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Sudan. The Governor of the Central Bank, Moses Makur Deng, has announced new monetary and banking policies to revamp South Sudan\u2019s economy days after taking over office. President Salva Kiir last week directed the new Central Bank governor to fix the exchange rates between the US dollar and the South Sudanese Pound, which […]<\/p>\n","protected":false},"author":84,"featured_media":7660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,265,233],"class_list":["post-7661","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-sudan","tag-south-sudan"],"yoast_head":"\nInside Central Bank\u2019s fiscal policies for 2022 - South Sudan<\/title>\n<meta name=\"description\" content=\"The Governor of the Central Bank, Moses Makur Deng, has announced new monetary and banking policies to revamp South Suda ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/inside-central-banks-fiscal-policies-for-2022\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inside Central Bank\u2019s fiscal policies for 2022\" \/>\n<meta property=\"og:description\" content=\"The Governor of the Central Bank, Moses Makur Deng, has announced new monetary and banking policies to revamp South Suda ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/inside-central-banks-fiscal-policies-for-2022\" \/>\n<meta property=\"og:site_name\" content=\"South Sudan\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-13T11:20:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-01-13T11:53:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-sudan\/sites\/32\/2022\/01\/img-61e012b2ea473.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"790\" \/>\n\t<meta property=\"og:image:height\" content=\"525\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/inside-central-banks-fiscal-policies-for-2022#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/inside-central-banks-fiscal-policies-for-2022\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Inside Central Bank\u2019s fiscal policies for 2022\",\"datePublished\":\"2022-01-13T11:20:12+00:00\",\"dateModified\":\"2022-01-13T11:53:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/inside-central-banks-fiscal-policies-for-2022\"},\"wordCount\":549,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/inside-central-banks-fiscal-policies-for-2022#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-sudan\/sites\/32\/2022\/01\/img-61e012b2ea473.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Sudan\",\"South-Sudan\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/inside-central-banks-fiscal-policies-for-2022#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/inside-central-banks-fiscal-policies-for-2022\",\"url\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/inside-central-banks-fiscal-policies-for-2022\",\"name\":\"Inside Central Bank\u2019s fiscal policies for 2022 - 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