Algeria's Central Bank reports 2.2% hike in foreign exchange reserves

N. Wires /// MED.B

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2012/09/12 (Last modification: 2012/09/12 à 21:45)

Algeria's Central Bank Governor, Mohamed Laksaci, stated that at the end of June, the country's foreign exchange reserves rose by 2.2 percent compared with the end of last year.

Algeria's Central Bank Governor, Mohamed Laksaci, stated that at the end of June, the country's foreign exchange reserves rose by 2.2 percent compared with the end of last year.
Mr Laksaci said that in the period, Algeria's foreign exchange reserves hit USD186.32 billion, up from USD182.22 billion at the end of 2011.
Algeria managed to slash its external debt to USD3.99 billion in June, down from nearly USD4.4 billion in late December, he explained.
The Central Bank governor added that in the first half of the year, net inflows of foreign direct investment (FDI) were a little less than USD1 billion, whereas the overall amount of the balance of payments was at USD10.32 billion.
It is worth noting that in the January-June period, Algeria's external current account posted a surplus of USD10.8 billion.