Oil money to boost South Sudan's economic recovery: central bank chief

Source: Xinhua| 2018-11-15 23:19:26|Editor: Mu Xuequan
Video PlayerClose

JUBA, Nov. 15 (Xinhua) -- Increased oil output will boost oil revenue and help South Sudan in its economic recovery process, head of the country's central bank said Thursday.

Dier Tong Ngor, Governor of the Bank of South Sudan, told reporters that raising oil prices and the recently signed peace agreement will enable the conflict-torn country to widen its revenue base and increase its dwindled foreign reserve.

"All key economic indicators and the peace deal mean that oil production will continue to increase. With the improving international oil prices, we are able to build foreign exchange reserves to meet market needs," Ngor said.

According to the World Bank, South Sudan is the most oil-dependent nation in the world, with oil accounting for almost the totality of exports, and around 60 percent of its gross domestic product (GDP).

But after the young nation descended into civil war in late 2013, oil production declined from 350,000 in 2011 to less than 130,000 barrels amid soaring inflation and economic crisis.

Since the start of the conflict, the value of the South Sudanese pound (SSP) have depreciated and prices for goods and services climbed sharply, making life difficult for ordinary citizens.

Ngor said resumption of oil production in the northern parts of the country will bring in much-need foreign currency to support import of essential commodities and stabilize the economy.

"Given the increase in oil production and oil prices, we will be accumulating more foreign exchange reserves that will meet the foreign exchange needs in our country, we are very certain about that," Ngor said.

TOP STORIES
EDITOR’S CHOICE
MOST VIEWED
EXPLORE XINHUANET
010020070750000000000000011105091376093581
国产无码在线观看免费在线,37pao国产成视频,日韩一区二区视频在线,国产国产人免费人成免费视频麻豆
亚洲国产精品综合 | 亚洲福利国产精品合集在线看 | 在线精品国精品国产尤物 | 五月丁香婷婷天堂 | 欧美日韩亚洲中文 | 亚洲午夜精品久久久久久抢 |