ALGIERS Oct 26 Algeria's foreign exchange
reserves dropped by $7.1 billion to $121.9 billion in the third
quarter of 2016 due to lower oil prices that have hit the
country's finances, Central Bank Governor Mohamed Loukal said on
Oil and gas earnings, which make up 94 percent of total
exports and 60 percent of the state budget, fell to $18.8
billion in the first nine months of 2016, down 26.3 percent from
the same period a year earlier.
Algeria, an OPEC member, plans to reduce spending by 14
percent in 2017, after a 9 percent cut this year, in an effort
to counter the impact of the oil price slide.
Reserves stood at $129 billion in June and $144.1 billion at
the end of 2015, Loukal was quoted by the state news agency APS
(Reporting by Hamid Ould Ahmed; Editing by Aidan Lewis/Mark