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Algeria Foreign Reserves Fall to $136.9 Bln

Source: Reuters 6/5/2016, Location: Africa

Algeria's foreign exchange reserves fell $6.1 billion this year to $136.9 billion due to the drop in global oil prices, Prime Minister Abdelmalek Sellal said.

Energy earnings make up 95 percent of OPEC member Algeria's exports and 60 percent of the budget.

Even with higher prices, energy revenues will not be sufficient to meet the country's economic development needs, Sellal said, according to the state news agency APS.

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