From January to now, Algeria’s foreign exchange reserves have fallen by $6.1 billion standing at $108 billion, Reuters reported citing the governor of Central Bank, Mohamed Loukal. The official explains that the decrease was due to significant imports.

Truly, over the first four months of the year, imports in the country reached $15.2 billion, which is 0.14% less than over the same period in 2016. Though little, the drop results from import restrictions put in place by the government subsequent to the fall in prices of oil in 2014.

The slump in prices of oil have slashed by the country’s revenues by 50%, pushing it to focus on activities, out of the oil and gas sector, that are likely to generate foreign exchange.

Algeria’s foreign exchange reserves stood at $178 billion in 2014, deceased to $144 billion in 2015, then $114.1 billion last year.

Aaron Akinocho