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Algeria end-2010 forex reserves at $155 billion

Reuters, Tuesday 4 Jan 2011

OPEC member Algeria's foreign exchange reserves reached $155 billion at the end of 2010, an official said on Wednesday.

That level of reserves would allow the government to pursue its economic programme sustainably, finance ministry director Abdelmalek Zoubeidi told state radio chaine 3.

"There is also a margin of security for the coming years," he said.

The programme to put Algeria's economy back on track is worth $286 billion over five years.

The North African country has sharply reduced national debt and relies increasingly on its own resources to fund its development, with oil and gas sales abroad accounting for 97 per cent of exports.

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