Algeria’s forex reserves hit $148.9 billion

27 Mar 2010

(MENAFN) The governor of the Algerian central bank said that OPEC member Algeria’s foreign exchange reserves rose 4 percent to $148.9 billion at the end of 2009 versus the previous year, Reuters reported.

Reserves covered 36 months of imports of goods and services last year, up from 35 months in 2008 when reserves stood at $143.1 billion, Mohamed Laksaci was quoted by the official news agency APS as adding.

The country’s foreign currency holdings at the end of 2009 were 42 percent in the U.S. dollar, 36 percent in the euro and 22 percent in other currencies, he said after a meeting with top bank managers.

It is worth mentioning that oil and gas sales abroad accounts for 97 percent of Algeria’s total exports.

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