Algeria protected from global crisis, finance officials say
2008-10-06
Algeria is not only safe from the global financial crisis, it will actually benefit, local and international press quote Financial Minister Karim Djoudi as saying Sunday (October 5th). Reasons for his assessment include the sharp reduction of the national debt, the refusal of the government to make the national currency totally convertible and the sovereign wealth fund allowing the country to fund its own development projects, El Watan reported.
Also speaking Sunday, Bank of Algeria Governor Mohamed Laksaci annosnced that Algeria's foreign exchange reserves, boosted by hydrocarbons' sales, stood at $136.7 billion by the end of July, up from $110.18 billion at end of 2007.
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