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Algeria: ‘Half of QE funds will go to Sonatrach’

Algeria is moving ahead with its controversial plan to print money in a form of quantitative easing intended to help the government stabilise the domestic economy, notably by paying off debts owed by national oil company Sonatrach and state utility Sonelgaz. Finance minister Abderrahmane Raouia on 27 November said Algiers planned to print AD1,800bn ($15.6bn), through Treasury bills authorised by Banque d’Algérie. According to Raouia, “no less than AD900bn will be mobilised to take over Sonatrach’s debts”.

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