Macroeconomic Forecast Algeria

After appreciating steadily throughout 2008, Algeria's monetary authorities finally appear to be allowing the unit to respond to dollar strength. While the latter has appreciated against most global currencies since late July, the dinar has continued to hold out - a move that we interpreted as an attempt to control inflation. With that risk now receding and oil prices plunging, the dinar has come back from its high of DZD59.00/US$ to DZD62.21/US$.

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