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Algeria foreign exchange reserves continue to fall

July 12, 2018 at 9:58 am

The Bank of Algeria [Twitter]

Algeria’s foreign exchange reserves declined to $94.53 billion at the end of March, according to data from the Bank of Algeria.

The foreign exchange reserves, excluding gold, were estimated to be $97.33 billion at the end of December 2017, declining $2.8 billion in three months, according to the statistics.

In March the central bank revealed that Algeria’s economy grew by 2.2 per cent in 2017, down from 3.3 per cent the previous year, due to a decline in the performance of the energy sector.

The OPEC member relies heavily on oil and gas, which account for 60 per cent of the budget and 95 per cent of total export revenue. State finances have been hit by a fall in crude oil prices since mid-2014.

Read: Algeria parliament backs higher customs duties in place of import ban