Karim Djoudi: “Algeria's expected economic growth rate for 2012 to reach 4.7%”

The Finance minister Mr. Karim Djoudi has said that Algeria which has invested parts of its foreign exchange reserves abroad, has nothing to fear from the adverse repercussions of the US debt over its secure investments.

• Speaking Saturday to the Algerian Press Agency APS, Mr. Djoudi said that Algeria’s investments abroad were safe at 3 levels as, he said, the capital was guaranteed, stressing they were covered against all risks of change, and that they were liquid assets that could be withdrawn by Algeria at any time, as he put it.
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• The finance minister, who didn’t give the exact amount of the Algerian investments, said that the 3 per cent interest rate largely covered the current inflation.
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• Mr. Djoudi also said that to fully secure Algeria’s foreign exchanges reserves managed by the Bank of Algeria, the government had chosen to also invest in government security sovereign risks.
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• The total foreign exchange reserves of Algeria reached in 2010 a hundred and 60 billion US dollars. 
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• Mr Djoudi further indicated that the projected national economic growth foreseen as part of the provisions of the 2012 law of finance would probably reach 4.7 %.
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• He added that the expected inflation rate for next year would not exceed 4%.