Algeria’s Forex Reserves fell by $7.3 Billion in Jan-MaySource: www.export-egypt.com 6/23/2018, Location: Africa |
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Algeria’s foreign exchange reserves fell by $7.3 billion in the first five months of this year and are expected to decline by $5 billion from now until the end of the year, Prime Minister Ahmed Ouyahia said .
“Reserves stood at $90 billion at the end of May and should decline to $85 billion by the end of 2018,” Ouyahia said after a meeting with members of his National Rally for Democracy (RND) party on television. . Reserves were $97.3 billion in December 2017, down from $114.1 billion the previous year, $144.1 billion in 2015 and $178 billion in 2014, when crude oil prices started falling, until partly recovering this year. . Oil and gas earnings, which account for 95 percent of total exports and 60 percent of the state budget, fell to $33.6 billion in 2017 from $63 billion in 2014. . Ouyahia said Algeria must make further efforts to cope with financial problems caused by the loss of energy revenues. |
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