“When we had USD174 billion (of exchange reserves), Algeria imported 500,000 vehicles/year for USD6 billion, but today, we only have USD98 billion in November. We have not stopped importing this number of vehicles to import 600,000 kits,” he told a car dealer interested by the car assembly activity in Algeria.
As a reminder, the minister of Finance Abderrahmane Raouya recently said that Algeria’s exchange reserves reached USD100 billion in November.
Last October, Raouya predicted that the exchange reserves could decline to USD97 billion by the end of December 2017.
According to his predictions, foreign exchange reserves should reach USD85.2 billion by the end of 2018 (the equivalent of 18.8 months of imports) to USD79.7 billion in 2019 (18.4 months of imports) before reaching USD76.2 billion in 2020 (17.8 months of imports).