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Algeria forex reserves at record $90 bln in H1
Real estate news By Reuters
Tue 16 Oct 2007, 5:39 GMT
OPEC-member Algeria saw its foreign exchange reserves rising to $ 90.96 billion at the end of June 2007 due to higher oil exports, the country's Central Bank Governor said on Monday. The reserves represent more than three years of imports, the official news agency APS quoted Mohamed Laksaci as adding during a meeting with top managers of state-owned banks.
The record reached in the first half of this year was a @safety element of great importance to the national economy against possible external shocks," he said. The reserves stood at $ 77.78 billion at end of December 2006 compared to $56.18 billion at the end of 2005, official figures showed.
Soaring oil prices have helped Algeria launch an $140 billion five-year national economic development plan and repay a large part of its foreign debt. In December 2006 President Abdelaziz Bouteflika said the country had cut its external debt to $4.7 billion from $15.5 billion in January 2006.
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