Rédaction Africa Links 24 with Dourssaf Cherif
Published on 2024-04-19 15:22:17
Algeria proudly occupies the top spot among the five African countries with the highest foreign exchange reserves. With approximately $64.6 billion, it surpasses its counterparts on the continent.
This leading position reflects confidence in the Algerian economy and its ability to manage its international finances.
Over the past six months, Algerian foreign exchange reserves have increased impressively, with an injection of $20 billion bringing the total to $85 billion.
This rapid growth is a positive sign for the national economy and strengthens investor confidence.
Foreign exchange reserves are essential for a country. They represent savings in foreign currencies or gold held by the central bank.
Their role is crucial in filling trade deficits without resorting to external borrowing. Algeria has managed these reserves prudently and effectively.
In 2017, Algeria reached a record level of $97.33 billion in foreign exchange reserves. However, the fall in oil prices led to a gradual decrease.
Fortunately, since 2022, a recovery is underway, and the country is approaching its historical levels. Here is an overview of the 2024 African ranking:
– Algeria leads with $64.6 billion
– South Africa in second with $62.3 billion
– Egypt in third with $40.4 billion
– Morocco in fourth with $35.2 billion
– Nigeria at the bottom of the ranking with $34.3 billion
Algeria ranks second in Africa in terms of the largest foreign exchange reserves, just behind Libya.
These reserves are essential for maintaining economic stability and the confidence of international partners.
As for Algeria’s non-admission to the BRICS, the President of the Council of the Nation, Salah Goudjil, emphasizes that bilateral relations remain crucial, especially with Russia and China.
Algeria continues to strengthen its economic position thanks to strong foreign exchange reserves and prudent management.
Investors and international observers are closely monitoring these developments, aware of their impact on regional and global stability.
Read the original article(French) on Algerie 360
