Middle East Economic Survey

VOL. LII

No 32

10-Aug-2009

ALGERIA

Algeria Bans Consumer Lending To Fight Deteriorating Trade Surplus

The Algerian authorities have banned banks from consumer lending in order to address the deteriorating trade surplus resulting from a fall in oil prices. Although benchmark crude oil prices have recently bounced back over $70/B, they are down sharply from last years levels, when they hit an all-time high of $147/B in July 2008. The Algerian Ministry of Finance published...