First Independent Mena Newspaper
Due to a crisis that has hit vital sectors of the Tunisian economy, Tunis continues to eat into its foreign exchange reserves, which have dwindled to $4.6 billion covering 80 days of exports, the central bank said. The bank attributed the decline to the country’s need to use foreign exchange funds at the beginning of […]
Battered by falling oil and gas revenues, Algeria’s foreign exchange reserves are expected to further shrink to $97 billion, down from $193 billion in 2014, official data shows. With the slump in oil prices, the rest of the Algerian economy can’t generate the foreign exchange needed to pay for imports as oil and gas represent […]
Algeria’s finances have been severely battered by the slump in oil prices, dwindling from $178 billion in 2014 to $114 billion by the end of 2016, Algerian Prime Minister Abdelmalek Sellal said. Speaking to state television, Sellal set the tone for appeasing worries saying that the situation is under control as criticism mounts over the […]
Egypt’s Central Bank proclaimed their foreign reserves reaching the “critical” levels after it had sold about 75 million USD in its first private auction to banks, Bloomberg reports. Egypt’s foreign reserves are well below the levels prior to 2011 uprising against former President Mubarak, when the Central Bank commenced to support the Egyptian pound by […]