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Algeria's forex reserves continue to drop in 2016: minister

Xinhua, November 23, 2015 Adjust font size:

Algeria's foreign exchange reserves will continue the downfall trend in 2016, Finance Minister Abderrahmane Benkhalfa said on Sunday.

Benkhalfa said the oil rich nation's foreign exchange reserves are expected to hit 151 billion U.S. dollars at the end of 2015 and 121 billion dollars at the end of 2016, against 193.3 billion dollars in 2014.

The minister said the current reserves remain "important" and enable the country to cope with the fall of oil prices in the global market.

On Saturday, Prime Minister Abdelmalek Sellal said Algeria's overall financial situation is good, despite drop in foreign exchange reserves, adding that the current debts level is the lowest in the history of Algeria, which is 3.6 billion dollars.

A report issued on Sunday by the Algerian Customs said the country's trade balance hit a deficit of 10. 8 billion dollars by the end of October, compared to a surplus of 4.5 billion dollars in 2014. Endit