Algerian Bank Governor reveals record profits

Talking Sunday before deputies at the upper house pf the parliament, the Algerian Bank Governor, Mohammed Lakssassi declared that the sound management of the Algerian reserves estimated at some $110.18 billions, prevented the country the economic set-back due to financial crisis that shook the international markets.

• He added that Algeria started since 2004 a new financial policy which consists in diversifying its monetary reserves and reduced their movements at the level of central banks. This strategy enabled the Algerian central bank to face the financial crisis prevailing on the international markets.
• M. Lakssassi also revealed that the Algerian reserves recorded a surplus of $ 95.125 billions by the end of April 2008, but shed light on the retreat in the incomes apart from hydrocarbons in comparison to last year.
• On the other hand, M. Lakssasi added, the Algerian oil company’s partners saw their shares shrinking from $ 5.29 billions in 20O6 to $3.9 over the year 2007 as a result of the implementation of taxes on additional profits.