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Algeria foreign exchange reserves fall to $42 billion

  • The North African country uses its reserves to pay for imports of goods and services, estimated annually at $45 billion.
02 Mar, 2021

ALGIERS: Algeria's foreign exchange reserves currently stand at $42 billion, President Abdelmadjid Tebboune said on Monday, down from $60 billion in the first quarter of 2020.

A fall in global crude prices have significantly hit OPEC member Algeria where oil and gas export revenues account for 60% of the state budget and 94% of total export earnings.

Reserves stood at $72.6 billion in April 2019, down from $79.88 billion in December 2018 and $97.33 billion at the end of 2017.

The North African country uses its reserves to pay for imports of goods and services, estimated annually at $45 billion.

The government has been trying to cut spending on purchases from abroad to ease the financial pressures caused by the decline in oil and gas revenues.

"I have given instructions to import only what we actually need," Tebboune said on state television.

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