Algerian President Announces Elevation of Foreign Exchange Reserves, Reduction of Import Bill

Algiers, January 19 (QNA) - Algerian President Abdelmadjid Tebboune announced on Thursday that his country's current foreign exchange reserves had increased to over USD 60 billion, while the economic growth amounted to 4.1 percent in 2022, and is projected to reach 5 percent in 2023.
He made this statement during the opening of the 5th provincial governors' meeting in Algiers, during which he revealed a number of outcomes that allowed the creation of overt economic and social dynamics.
The dynamics included the reduction of the import bill that ranges from USD 36 to USD 38 billion, after such a bill reached USD 63 billion annually in the past.
Algeria has succeeded in reducing the import without depriving Algerian citizens from various demands, Tebboune said. He confirmed that false import no longer exists, and the clearance process of imports is ongoing, reminding that economy underpins production and not importation.
The Algerian President pointed out that for the first time the country managed to raise the non-fuel exports, and the exports from USD 1.7 billion in 2019, to USD 5 billion in 2021, then USD 7 billion in 2022, with an annual increase of 30 percent, he said. (QNA)