Algeria says its financial situation remains strong

Algeria foreign exchange reserves, excluding gold, hit 194 billion U.S. dollars in 2013, compared to 190.66 billion dollars in 2012, Governor of the Bank of Algeria ( BA) Mohamed Laksaci said Wednesday. "If the increase in foreign exchange reserves was low compared to 2011 and 2012, the net financial situation of Algeria remains strong," Laksaci was quoted as saying by APS news agency. Laksaci further indicated that Algeria's financial strength has been boosted by "historically low level of external debt of 3.39 billion dollars by the end of 2013. Laksaci also noted that the North African nation remains immune to potential external financial shocks due to the nation's currency mattress which exceeds "the adequacy of usual thresholds for emerging countries." However, Laksaci indicated that Algeria needs continuing prudent management of its reserves which resulted in an acceptable level of performance despite persistent global environment of low interest rates.