Macroeconomic Forecast Algeria

Algeria's foreign exchange reserves ticked up in May and June, reaching US$144.5bn by the end of the latter month. We believe that reserve accumulation may have stalled during the second half of the year, despite the government's attempts to limit imports, and are forecasting a year-end total of US$131.8bn. However, we expect growth to resume in 2010, and expect reserves to exceed US$138bn by the end of the year.

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