Algeria threatened by deleterious impact of world financial turmoil
The Governor of the Bank of Algeria Mohamed Laksasi has warned against the adverse effects of the current world financial crisis on the Algerian economy on account of the huge losses incurred by major Banks worldwide.
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Laksasi told a press conference on Monday at the Bank of Algeria premises in Algiers that the “subprime” crisis in the United States had had a snowballing effect on US and European Banks triggering an acute financial crisis on global markets.
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He underlined, to this effect, that Algeria should take precautionary and preventive measures to preserve its banking establishments from an adverse financial backlash touched off by the current turmoil gripping the world financial arena.
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The Governor of the Bank of Algeria further dwelt on the macro-economic situation prevailing in Algeria saying that Algeria’s revenues accrued from exports, including hydrocarbons, over the past 6 months had reached 41.71 billion dollars compared to only 26.94 billion dollars recorded during last year’s same period.
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Algeria’s exports, outside hydrocarbons, for the first semester of 2008 are estimated at 830 million dollars compared to 480 million dollars recorded in 2007, he pointed out.