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FINANCIAL NEWS
Algeria’s foreign reserves fall to USD121.9b
27 Oct 2016
(MENAFN) Algeria’s foreign exchange reserves declined at USD7.1bn to USD121.9bn in the third quarter of this year due to lower oil prices.
Meanwhile, oil and gas earnings, which make up 94 percent of total exports and 60 percent of the state budget, declined to USD18.8bn in the cited period.
The country, an OPEC member aims to cut spending by 14 percent in the coming year, after a 9 percent cut this year to counter the impact of the oil price slide.
In addition, reserves reached USD129bn in June and USD144.1bn at the end of last year.
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