The continuing increase in worldwide oil prices has already a substantial impact on the Algerian economy, and more is anticipated. According to Al-Hayat newspaper, local oil and gas revenues are expected to reach $15.8 billion by the end of 2000, compared to $11.9 billion by the end of 1999.
Oil and gas contribute up to 95 percent of Algeria’s total foreign currency returns. According to the newspaper report, the Central Bank of Algeria announced on August 16th, that its foreign currency reserves holdings had climbed to $7.5 billion by the end of the first half. At the end of 1999, these holdings were valued at $4.4 billion. – (Albawaba-MEBG)