Algeria's foreign exchange reserves hit $186 b in June 2012

Source:Xinhua Published: 2012-9-12 10:05:09

Algeria's foreign exchange reserves increased by 2.2 percent to $186.32 billion in late June of 2012, compared to the end of 2011, local media reported Tuesday.

Quoting Governor of Algeria's Central Bank Mohamed Laksaci, APS press agency said the reserves, excluding gold, was $182.22 billion in late December 2011, while the external debt which was around $4.4 billion at the end of 2011, was reduced to $3.99 billion in June 2012.

During the presentation of monetary and financial trends in first half of 2012, Laksaci told media that the external current account, key element of the balance of payments, recorded a surplus of $10.8 billion in the context of relative improvement in trade balance and net inflows in title transfers.

The governor reiterated the bank's commitment to "continue its prudential management of the reserves and the rigorous monitoring of risk management."

Regarding the trade balance, imports of goods increased by 3.5 percent to $23.9 billion, while imports of services dropped to $5.7 billion, he said.

Net inflows of foreign direct investment (FDI) were slightly less than $one billion during the first half of 2012, while the overall amount of the balance of payments stood at $10.32 billion by the end of June 2012, the bank official said.

Meanwhile, hydrocarbon exports of this OPEC member nation hit $37.5 billion in the first half of 2012, up 4 percent compared to the same period of last year, due to higher world oil prices in the second quarter, he said.

Algeria produces an average of 1.2 million barrel per day of crude oil.

The average exchange rate of the Algerian Dinar comparing to the Euro increased by 0.43 percent to 102.17 dinars for one euro, but depreciated against the dollar by 2.82 percent to 75.38 dinars per dollar.

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