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Algeria : $ 150 billion foreign exchange reserves at end-July

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ALGIERS- Algeria has $ 150 billion foreign exchange reserves at end-July 2010, an increase of 1.1 billion dollars since December 2009, said Wednesday the chief policies and planning at the Ministry of Finance, Abdelmalek Zoubeidi.

  •    "The financial health of Algeria is excellent and its external financial position remains comfortable" because such a "good volume of official foreign exchange reserves, estimated at 150 billion dollars at end July 2010," he said.

       The Stabilization Fund (FRR) had at that time 4.300 billion dinars (43.4 billion euros approximately), the official added at a meeting organized by the government daily Al-Mujahid.

       The FRR is powered by the differences between the price of oil sold on the market and the reference price (37 dollars per barrel) on the basis of which is established on the state budget.

       "The year 2010 is secure, 2011 as well. The year will pass without any problems. Algeria should not face a cash shortage," he said.

       According to Mr. Zoubeidi, Algeria will not face any constraints to finance its public investment program amounting to 286 billion dollars over the five year 2009-2014 and will not have to resort to external financing.

       He also said that Algeria's external debt was about $ 440 million in late August 2010.

       Algeria, which has benefited between 2005 and August 2008, soaring oil prices, decided to prepay its external debt which was 15.5 billion by early 2006. It had peaked at nearly 27 Billion dollars in 1994.

       External revenues of Algeria, due to 98% in oil exports had exceeded $ 75 billion in late 2008, according to official figures.

       Oil revenues totaled $ 14 billion during the first quarter of 2010, an increase of over 30% over the same period of 2009.
        
    Ennaharonline/ M. O.
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