Algeria plans to develop bond, stock markets

Algeria plans to issue sukuk, or Islamic bonds, and develop its small stock exchange as the oil reliant economy seeks to diversify funding sources, according to a government document reviewed by Reuters.

The planned steps are part of wider reforms aimed at coping with financial pressure caused by a fall in energy earnings and foreign exchange reserves, deepening the country's budget and trade deficits. Elected in December, President Abdelmadjid Tebboune has pledged economic and political reforms to try to appease protests demanding the departure of the entire ruling elite.