Ahmed Ouyahia, the Algerian Prime Minister revealed that Algeria's foreign exchange reserves have fallen to less than $80 billion." He also explained: “unfortunately, our foreign exchange reserves have fallen to less than $80 billion, or $79.80 billion."
Algeria's foreign exchange reserves stood at 82.12 billion dollars at the end of last November (2018) compared to 97.33 billion dollars at the end of 2017.
The financial pressure on Algeria has increased in recent years as world oil prices have fallen as of the second half of 2014, as the country's economy relies heavily on oil revenues. The situation of the global energy market has been clearly reflected on Algeria's foreign exchange reserves, which have dropped from $192 billion in 2014 to $108 billion in mid-2017.
Algeria's economy grew by 2.3 percent in 2018, thanks to higher oil prices, compared with a growth rate of 1.4 percent in the previous year, but the growth rate remained under the target of the government which is 4 percent for this year.
Source: (Asharq Al-Awsat newspaper, Edited)
