Algeria out of reach of the global finacial crisis:minister says

The Algerian finance minister Karim Djoudi asserted that the global financial crisis which exhausted western economies led by US, will not harm the Algerian one, pushing even further his optimism saying that the country will on the contrary garner benefits for various reasons.

•   The minister argued that Algeria is not represented on the international financial markets through investments on high stake shares, adding that the government’s assets in the US banks were placed in low rate banks but insured by the US government, which reduces financial backlash to nil.
• The second argument elaborated by the minister, that prevented the national economy severe downturn, is that the Algerian currency was indexed to various major ones as opposed to the Gulf countries which linked its fate to the US dollar. M Djoudi went on saying that Algerian incomes rely heavily on oil which prices kept respectable levels despite some disturbances.
• As concerns taxes on cars, the minister declared that the law comes as part of the government’s will to turn the Algerian market from a consumer to a producer referring to the neighboring countries’ experience in this domain.