Algeria exasperates with lack of consistency
Options for excess billions
Bogged down by petrobucks
Between 2005 and 2008, in the biggest oil bull run the world had ever seen. Algeria budgeted for a price per barrel of just $19. It only increased that figure to $37 this summer.
The result is that Algeria’s central bank has some $140 billion in foreign exchange reserves, invested in treasury bills and central bank deposits abroad. The finance ministry also has a hydrocarbon stabilization fund, known as the Fonds de Régulation des Recettes. According to finance minister Karim Djoudi, this...
