Thu. May 30th, 2024

Algeria ranked first among African countries in holding foreign exchange reserves, according to a new report published by the East Economy Agency Bloomberg.

Algeria overtook other major countries such as South Africa, Egypt, and Morocco, with Algeria’s foreign exchange reserves reaching $64.6 billion.

The report, published in March, was based on information from the central banks of African countries and the website Trading Economics.

Algeria has taken effective measures under the supervision of President Abdelmadjid Tebboune to boost the country’s economic dynamism.

Figures released by the report showed a continuous escalation of Algeria’s cash reserves over the past year, rising by $ 5.15 billion in just three months, between the end of December 2022 and the end of March 2023.

A previous report issued by the International Monetary Fund indicated Algeria’s ability to cover its imports and confirmed its advanced position among Arab countries in this regard. The (IMF) commended the measures taken by Algeria to achieve strong and sustainable economic growth.

Algeria is expected to complete a series of economic reforms and measures to strengthen infrastructure and attract investments, boosting economic growth and ensuring the stability of future monetary reserves.

Decline in fuel export revenues in Algeria in 2023

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