Algerian Analysts Concerned by Weak Dollar
2004-11-04
 [AFP] |
Current US dollar exchange rates have negative implications on Algeria's trade balance and deficit, according to the country's leading French language information source, Algerie-Dz.com. Algeria wants to export to the United States, but fears over current exchange rates make Algeria's export goods more expensive and less attractive to US markets. Analysts say the decline of the dollar since May 2003 is straining the Bank of Algeria's reserves. Its main currencies in terms of foreign debt are the dollar at 39 per cent, the euro at 35 per cent and the yen at 12 per cent.
The Algerian economy depends largely on the oil industry, which is traded in dollars. A weak dollar, especially against the euro, creates a large degree of uncertainty in Algeria's public finances. (menareport.com)
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