ALGERIA-Algeria’s foreign exchange reserves (forex) dropped to USD72.6 billion at the end of April 2019 against USD79.88 billion by late 2018, i.e. a decline of USD7.28 billion in four months, said Minister of Finance Mohamed Loukal.
In 2018, the foreign exchange reserves contracted by 17.45 billion DA compared to the end of 2017 (97.33 billion USD).
The 2019 Finance Act provides for a decrease in foreign exchange reserves to 62 billion USD in 2019 and then to 47.8 billion USD in 2020, to reach 33.8 billion USD in 2021.
To cope with the ongoing erosion of foreign exchange reserves, the government has recently embarked on an approach based on the rationalization of imports of goods, through their limitation to the real needs of the domestic market.