(MENAFN) Algeria's foreign exchange reserves reached $146 billion at the end of September, slightly higher than at the half-year stage, official news agency APS reported.
Reserves stood at $144.3 billion at the end of June, up from $143.1 billion in December 2008, APS reported, citing the finance ministry. Oil and gas sales abroad account for 97 percent of Algeria's total exports.
The North African country has repeatedly said it was shielded from world financial turmoil because it sharply reduced national debt and relies increasingly on itself to fund development.
Source: Middle East North Africa Financial News (MENAFN).
Link: http://www.menafn.com/qn_news_story_s.asp?StoryId=1093293231&src=MOEN.
Reserves stood at $144.3 billion at the end of June, up from $143.1 billion in December 2008, APS reported, citing the finance ministry. Oil and gas sales abroad account for 97 percent of Algeria's total exports.
The North African country has repeatedly said it was shielded from world financial turmoil because it sharply reduced national debt and relies increasingly on itself to fund development.
Source: Middle East North Africa Financial News (MENAFN).
Link: http://www.menafn.com/qn_news_story_s.asp?StoryId=1093293231&src=MOEN.
Some may predict that the forex market for this year will show some improvement eventhough some nation are still in deep crisis. The indication that FED will raise rates will have a positive on US dollar value.
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