Algeria – The House of Representatives of Algeria approved the amendment of the Monetary and Loan Law, which allows the government to start printing the currency. The amended law allows the Central Bank of Algeria, on an exceptional basis, within a maximum period of five years to purchase bonds issued by the public treasury with a view to financing the payment of internal public debt and investment financing, according to the draft law. The measure aims at implementing a structural reform program in the economy and budget to reach the end of the five years to rebalance the public treasury and the balance of payments. The program of structural reforms that the government intends to implement has yet to be announced according to Finance Minister Abdel Rahman Rawya, a presidential decree will be issued soon. . The Algerian government has decided to face the decline in its revenues due to the collapse of oil prices since 2014 by printing currency to fill the budget deficit, which amounted to 13.7% of GDP in 2016. . Algeria consumed all its savings from its sovereign fund, and half of its reserves were used for 95% of oil sales. The reserve shrank to about half in three years, from $ 195 billion in March 2014 to $ 102 billion in September.
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