With the plunge in hydrocarbon prices Algeria’s foreign exchange reserves fell by $35bn to $143bn in 2015 from a peak of $194bn in 2013, the IMF said on 14 March.
The cause is not hard to fathom: Algeria’s oil and gas export revenues fell by 41% to $35.7bn in 2015 from $60.3bn in 2014 (MEES, 29 January). The Algerian economy is one of the least diversified even among Opec countries, with 60% of the state budget dependent on oil and gas revenue and 95% of export earnings derived from oil and gas. (CONTINUED - 353 WORDS)
