Algeria's foreign exchange reserves dropped by $6.33 billion to $152.7 billion in the third quarter of 2015 as global crude oil prices plunged, the central bank governor said on Wednesday. The North African OPEC member relies heavily on energy earnings, which make up 95 percent of total exports and account for 60 percent of the country's budget.
The country's balance of payments deficit increased to $20.8 billion in the first nine months of 2015 from $3.02 billion for the same period the previous year, central bank Governor Mohamed Laksaci said, according to the official news agency APS.
The government has already said energy earnings would fall by 50 percent to $34 billion in 2015 before reaching $26.4 billion this year, pushing down reserves to $121 billion.
Reserves were $178.94 billion in December 2014 and $159.03 billion in June 2015.
Algeria's government has said its reserves and low foreign debt will help shield the economy from the drop in earnings.
But it has also cut budget spending, frozen projects and increased subsidised fuel and gas prices for this year.
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