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Algeria Foreign Reserves Fall to $136.9 Bln

Source: Reuters 6/5/2016, Location: Africa

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Algeria's foreign exchange reserves fell $6.1 billion this year to $136.9 billion due to the drop in global oil prices, Prime Minister Abdelmalek Sellal said.

Energy earnings make up 95 percent of OPEC member Algeria's exports and 60 percent of the budget.

Even with higher prices, energy revenues will not be sufficient to meet the country's economic development needs, Sellal said, according to the state news agency APS.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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