Middle East Economic Survey
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...