Algeria Foreign Exchange Reserves Exceed $186 bln, Official

Algeria whole exchange reserves hit $186 billion until June 2011, thanks to the increase of hydrocarbons revenues, the governor of the Bank of Algeria, Mohamed Laksaci, said Monday.

In an allocution on the financial and monetary developments in the first half of 2011, Mr Laksaci noted that “Algeria’s exchange reserves, gold excepted, hit $173.91 billion at the end of June 2011.”

Worthily, Algeria exchange reserves reached 162.2 billion in 2010. 

The Central Bank chief added that the external current account surplus of the North African nation soared to $9.65 billion in 2011 first half, comparing to $6.57 billion and $5.59 billion in, respectively, the first half and second half of 2010.

Mr Laksaci concluded that such performance has been achieved thanks to the increase of hydrocarbons revenues and the soar of oil prices in international market, as Algeria collected $35.85 billion in the first half of 2011, comparing to 27.60 billion in the same period last year.