(Ecofin Agency) - The foreign exchange reserves of Algeria are standing at USD 159.027 billion at the end of June 2015 against USD 193.269 billion at end June 2014, the Governor of the Bank of Algeria, Mohamed Laksaci, announced on 8th September.

The foreign exchange reserves were at USD 178.938 billion by the end of December 2014.

Mr Laksaci explained this "strong tightening" of official foreign exchange reserves by "the impact of the external shock on Algeria's external payments balance since the fourth quarter of 2014", in reference to the drop in oil prices on the international market.

The Algerian Central Bank's governor nevertheless estimated that the level of foreign exchange reserves still remains adequate to "face an external shock in a situation of very low external debt at USD 3.353 billion at end June 2015".

Hydrocarbons represent 95% of Algeria's external revenues, and contribute towards 60% of the State budget.