Algeria's currency reserves stood at $7.8 billion at the end of July, up from $7.5 billion the previous month, the central bank reported.
The foreign currency reserves were $6.5 billion at the end of May and $6.1 billion in April, the bank said, adding that these reserves were only $4.4 billion at the end of 1999.
The hike in oil prices, which jumped more than $35 a barrel, explains the increase. Algeria, which gets 95 percent of its revenues from oil and gas exports, is counting on an increase in receipts of nearly $16 billion by the end of the year.
Algeria's currency reserves hit a record $8.5 billion in June 1998, before falling at the end of the same year due to the fall of hydrocarbons prices to under $10 per barrel.
The hydrocarbons sector is the backbone of the economy, accounting for roughly 52 percent of budget revenues, 25 percent of GDP, and more than 95 percent of export earnings.
Algeria has the fifth-largest reserves of natural gas in the world and is the second-largest gas exporter. It ranks fourteenth for oil reserves. –(Albawaba-MEBG)
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