Sharp drop in foreign exchange reserves in Algeria

Media IN- Agencies 24-06-2018

Algerian Prime Minister Ahmed Ouyahia said on Saturday that his country’s foreign exchange reserves fell by $ 7.3 billion in the first five months of this year and are expected to fall by $ 5 billion from now until the end of the year.
Ouyahia said after meeting with members of the National Democratic Rally Party on television that reserves amounted to 90 billion dollars by the end of May, and is expected to fall to 85 billion by the end of 2018.
Reserves amounted to $ 97.3 billion in 2017, down from $ 114.1 billion the previous year, $ 144.1 billion in 2015 and $ 178 billion in 2014 when crude oil prices began to fall.
Crude prices have recovered this year.
Algeria’s oil and gas revenues, which account for 95 percent of total exports and 60 percent of the state budget, fell to $ 33.6 billion in 2017, from $ 63 billion in 2014.
Reuters quoted Ouyahia as saying that Algeria should make more efforts to adapt to the financial problems caused by lower energy revenues.