A reduction in Algeria's reservoir of the foreign currencies

The chairman of the Algerian central bank, Abd El-Wahab Kirman, announced a reduction in Algerian reserves of foreign currencies to $7.5 billion in August, and the reserves are expected to fall to $7 billion at the end of the current year.

A statement issued by the Algerian central bank today attributed this to severe reductions in international petroleum prices and the selling price of Algerian petroleum, which reached $10 per barrel, saying these reductions impose a difficult position on the Algerian economy.