AGL 37.91 Decreased By ▼ -0.11 (-0.29%)
AIRLINK 215.50 Increased By ▲ 18.14 (9.19%)
BOP 9.80 Increased By ▲ 0.26 (2.73%)
CNERGY 6.83 Increased By ▲ 0.92 (15.57%)
DCL 9.18 Increased By ▲ 0.36 (4.08%)
DFML 39.00 Increased By ▲ 3.26 (9.12%)
DGKC 100.80 Increased By ▲ 3.94 (4.07%)
FCCL 36.50 Increased By ▲ 1.25 (3.55%)
FFBL 88.94 Increased By ▲ 6.64 (8.07%)
FFL 14.49 Increased By ▲ 1.32 (10.02%)
HUBC 134.52 Increased By ▲ 6.97 (5.46%)
HUMNL 13.65 Increased By ▲ 0.15 (1.11%)
KEL 5.69 Increased By ▲ 0.37 (6.95%)
KOSM 7.39 Increased By ▲ 0.39 (5.57%)
MLCF 46.00 Increased By ▲ 1.30 (2.91%)
NBP 61.20 Decreased By ▼ -0.22 (-0.36%)
OGDC 233.25 Increased By ▲ 18.58 (8.66%)
PAEL 40.75 Increased By ▲ 1.96 (5.05%)
PIBTL 8.57 Increased By ▲ 0.32 (3.88%)
PPL 203.15 Increased By ▲ 10.07 (5.22%)
PRL 41.15 Increased By ▲ 2.49 (6.44%)
PTC 28.38 Increased By ▲ 2.58 (10%)
SEARL 108.40 Increased By ▲ 4.80 (4.63%)
TELE 8.75 Increased By ▲ 0.45 (5.42%)
TOMCL 36.00 Increased By ▲ 1.00 (2.86%)
TPLP 13.80 Increased By ▲ 0.50 (3.76%)
TREET 24.38 Increased By ▲ 2.22 (10.02%)
TRG 61.15 Increased By ▲ 5.56 (10%)
UNITY 34.47 Increased By ▲ 1.50 (4.55%)
WTL 1.74 Increased By ▲ 0.14 (8.75%)
BR100 12,244 Increased By 517.6 (4.41%)
BR30 38,419 Increased By 2042.6 (5.62%)
KSE100 113,924 Increased By 4411.3 (4.03%)
KSE30 36,044 Increased By 1530.5 (4.43%)
Markets

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.
Published March 2, 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.

Comments

Comments are closed.