Algerian foreign reserves reached a record $14.5 billion at the end of April, Trade Minister Mourad Medelci said on Tuesday, May 15.
The figure marked an increase of $2.2 billion in three months and was 70 percent higher than at the end of 1999 when reserves totaled $4.4 billion.
Medelci did not explain the reasons for the sharp increase but economic analysts said it resulted from a recovery of international prices of crude oil, Algeria's economic backbone which account for 96 percent of its foreign export revenues.
The minister was speaking at a conference of the government-run think-tank Social and Economic National Council, which disclosed its half-yearly report on the North African country's overall economic and social situation. ― (Reuters, Algiers)
© Reuters 2001
© 2001 Mena Report (www.menareport.com )