Friday, 20 September 2019 03:57 GMT

Algeria's foreign reserves down to USD106.9 bln - PM

(MENAFN - Kuwait News Agency (KUNA)) ALGEIRS, June 5 (KUNA) -- Algeria's foreign reserves have fallen to USD106.9 billion at present, said Prime Minister Abdelmalek Sellal on Sunday.

By the end of 2014, the reserves reached USD 198 billion, ahead of the unprecedented falls of oil prices, he added.

Sellal made the statement at the 19th tripartite meeting which brings together the government, the General Union for Algerian Workers (UGTA) and employers, and was opened Sunday morning in the capital Algiers.

Since January 2015, Algeria has lost USD 90 billion, USD 50 billion of which since last December, due to the sharp decline of oil prices on world markets, Sellaol noted.

Meanwhile, the Premier called members of the government to work harder on removing administrative obstacles of investment.

Oil forms up to 98 percent of Algeria's exports. (end) ft.msa

Algeria's foreign reserves down to USD106.9 bln - PM

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