Public Management

Algeria: Foreign reserves slumped by $15.21 billion in the first eleven months of 2018

Monday, 24 December 2018 16:59
Algeria: Foreign reserves slumped by $15.21 billion in the first eleven months of 2018

(Ecofin Agency) - Algeria’s foreign reserves fell from $97.33 billion on December 31, 2017, to $82.12 billion at the end of November 2018, Mohamed Loukal (photo), governor of the country’s central bank announced on December 23, 2018.

Speaking to the national assembly, the governor explained that at the end of June 2018, the reserve was $88.61 billion and at the end of September 2018, it was $86.08 billion.

Let’s note that these reserves decreased faster than forecasted by the ministry of finance which, in October 2018, forecasted a reserve of $85.2 billion at the end of December 2018 and $76.2 billion by the end of 2020.

It is also worth reminding that the foreign reserves of the country, which is an oil producer, was $114.1 billion at the end of 2016, $144.1 billion by end 2015 and $178 billion at December 31, 2014.

According to official figures, oil revenues stood at $33.6 billion in 2017 against $63 billion in 2014. Let’s also mention that year in year out, oil represents 95% of exports and 60% of the country’s revenues.

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