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Like most MENA exporters of hydrocarbons, Algeria is concerned about the collapse of oil prices on the international market. The Governor of the Central Bank of Algeria, Muhammad Laksaci, told parliament this week that the persistence of weak oil prices will have negative repercussions on the country’s ability to deal with the country’s foreign trade position.
Mr Laksaci said the current level of foreign exchange reserves are adequate in the short term to deal with the shock from lower oil prices and its impact on the balance of payments, but that these reserves will be quickly depleted, if these depressed prices remain for a long time.
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