Algeria: Strong dollar boost
Issue 297
- 26 Mar 2015
| 1 minute read
Under pressure from the oil price slump, the government has taken heart from the dollar’s rise against the euro. Banque d’Algérie (BdA) governor Mohammed Laksaci said on 19 March that, while foreign reserves continued to fall, the decline was manageable, with total reserves at $178.9bn at end-December, compared to $185.3bn at end-September 2014. However, monetary officials have told African Energy that much of the reserves base is illiquid, and Algeria’s cushion against further external shocks may be less comfortable than thought.
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