ALGERIA’S FOREX RESERVES “SAFELY MANAGED”, ASSERTS CENTRAL BANK GOVERNOR
ALGIERS, April 14 (NNN-APS) — The Governor of the Bank of Algeria, Mohamed Loukal, has told the Parliament, that the country’s foreign exchange reserves are being safely managed.
Relying to questions from senators during a plenary session of the Council of the Nation, the upper house of Parliament, on the country’s economic situation, he added that the fluctuations seen in the Algerian Dinar had no impact on the fundamentals of the national economy.
The official also said the dinar had progressively stabilized from June 2016 as the Euro fell against the US dollar.
Loukal, who described the economic situation as “very critical”, however, reassured that the country had overcome the crisis thanks to the orientations of President Abdelaziz Bouteflika.
The official mentioned the measures taken by the government, especially the early repayment of foreign debts and the creation of the Revenue Regulation Fund, which helped the country to slow the crisis and honour its external commitments.
With 70 per cent of the Algerian State revenues coming from the Euro zone and from oil exports, the recent increase in prices of oil is beneficial, Loukal said, noting that this trend was maintained during the first quarter of 2017.
The new economic model is based on the diversification of the sources of wealth and focused on the strategic sectors such as agriculture, tourism, renewable energies, industry and other productive sectors capable of protecting the national economy from the risks of oil prices fluctuations.
Source: NAM News Network