Algeria’s Foreign Exchange Reserves Shrink to $88.61

Algeria’s foreign exchange reserves dwindled by $8.72 billion to $88.61 billion in June 2018, the Algerian news agency APS said.

The rise in oil prices has not helped Algeria reduce the pace of its dwindling reserves, which dropped from $114.1 billion in 2016 and from $178 billion in 2014.

Analysts say that even with oil prices at 100 dollars per barrel Algeria will still eat into its reserves as it continues spending $30 billion in subsidies annually beside lavish spending on arms.

Oil and gas exports account for 94 percent of the country’s total sales abroad and 60 percent of the state budget.