{"id":188791,"date":"2021-03-02T22:15:57","date_gmt":"2021-03-02T22:15:57","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=188791"},"modified":"2021-03-02T22:16:00","modified_gmt":"2021-03-02T22:16:00","slug":"foreign-exchange-reserves","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/foreign-exchange-reserves\/","title":{"rendered":"Algeria President says foreign exchange reserves fall to $42 billion"},"content":{"rendered":"\n<p>Algerian President Abdelmadjid Tebboune has said that Algeria&#8217;s foreign exchange reserves are eroding year after year in light of the difficult economic conditions and the COVID-19 pandemic.<\/p>\n\n\n\n<p>Algeria&#8217;s foreign exchange reserves currently stand at $42 billion, President Tebboune <a href=\"https:\/\/www.google.com\/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwjhweGVxZLvAhXFDOwKHULmAV0QFjACegQIAxAD&amp;url=https%3A%2F%2Fwww.aps.dz%2Fen%2Feconomy%2F38298-president-tebboune-exchange-reserves-hit-43-billion-dollars%23%3A~%3Atext%3DALGIERS%2520%252DAlgeria%27s%2520foreign%2520exchange%2520reserves%2Crepresent%2520a%2520source%2520of%2520concern.&amp;usg=AOvVaw3WcsV7vdH02Vl-_DqH6tlO\">said<\/a>, down from $60 billion in the first quarter of 2020.<\/p>\n\n\n\n<p>He stressed that the current reserves came after accounting for oil revenues, estimated at $24 billion.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Foreign exchange reserves<\/strong><\/h2>\n\n\n\n<p>He added that it is possible to dispose of what the country has from the exchange &nbsp;reserves currently within two to three years, so that the world economies, including the national economy, recover.<\/p>\n\n\n\n<p>He indicated that Algeria is not in financial favor, but is able to fulfill its obligations.<\/p>\n\n\n\n<p>The decline in global oil prices has severely affected Algeria, a member of the Organization of the Petroleum Exporting Countries (OPEC), where oil and gas exports represent 60% of the state budget and 94% of total export revenues.<\/p>\n\n\n\n<p>&#8220;I have given instructions to import only what we actually need,&#8221; Tebboune said on state television.<\/p>\n\n\n\n<p>He pointed out that the value of imports of basic foodstuffs such as oil and sugar does not exceed $8 billion.<\/p>\n\n\n\n<p>Algeria uses its foreign exchange reserves to buy imports of goods and services, which amount to $45 billion annually.<\/p>\n\n\n\n<p>The government is trying to reduce spending on imports to ease the financial pressures caused by the decline in oil and gas revenues.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Corrupt money<\/strong><\/h2>\n\n\n\n<p>Tebboune revealed that corrupt money is still circulating in society, and investigations will reveal its size. He warned a counter-revolution that uses corrupt money. The president threatened that those will pay the price.<\/p>\n\n\n\n<p>He stressed the need to stop squandering public funds, and encourage national production and investment in order to advance the national economy and ensure financial comfort for the country.<\/p>\n\n\n\n<p>In response to a question about the new investment bill, Tebboune stated that the initial version of the law has not yet been presented to the government or the Council of Ministers.<\/p>\n\n\n\n<p>He explained that the new investment policy relies on canceling everything that is ideological and leaving only economic matters.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>More about Algeria: <a href=\"https:\/\/www.bnreport.com\/algeria-to-exploit-gold-and-iron-mines\/\">Algeria To Exploit Gold And Iron Mines<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Algerian President Abdelmadjid Tebboune has said that Algeria&#8217;s foreign exchange reserves are eroding year after year in light of the difficult economic conditions and the COVID-19 pandemic. Algeria&#8217;s foreign exchange reserves currently stand at $42 billion, President Tebboune said, down from $60 billion in the first quarter of 2020. He stressed that the current reserves [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":188792,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[578,1131,1132],"class_list":["post-188791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-algeria","tag-foreign-exchange-reserves","tag-tebboune"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Algeria President says foreign exchange reserves fall to $42 billion<\/title>\n<meta name=\"description\" content=\"Bnreport - Algerian President has said foreign exchange reserves are eroding due to the difficult economic conditions and the pandemic.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/foreign-exchange-reserves\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Algeria President says foreign exchange reserves fall to $42 billion\" \/>\n<meta property=\"og:description\" content=\"Bnreport - 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