Algeria News & Events, Latest News for Algeria

Update: Saturday, 15 May 2010    

Banks’ surplus liquidity reaches $33.5 billions

Laksaci reassures foreign banks operating in Algeria
Monday Dec 22 2008.

Algeria’s Central Bank Governor, Mr. Mohamed Laksaci, has reassured managers of the foreign banks operating in Algeria, while saying Algeria is capable of financing its economy and covering all expenditures for the next 2 years.

Laksaci indicated that such optimism is owed to banks’ surplus liquidity, estimated at more than $33.5 billions, and huge amounts deposited at the Fund of Financial Resources Regulating, valued at $58.14 billions. However, Mr. Laksaci has warned against the lack of prevention measures, and advised not to take risks in this time of crisis.

Speaking at a conference held at the Academy of Banks, about the effects of the global financial crisis, the same speaker added that Algeria is not directly affected by the global crisis as it has adopted secure measures to protect its resources, pointing out this is due to the lack of financial deals with foreign financial institutions.

Meanwhile, Mr. Laksaci added that the preventive management of the change reserves and the preservation of portfolio capital have contributed in reaching a performance valued at 4.6% in 2007, while reducing the foreign indebtedness, which has been estimated at only $3.9 billions in Nov 2008.

Home