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

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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.

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