Financial And Banking News


Algeria Cuts Oil Revenue Estimates by 40%

Algeria has introduced an amended budget for 1986 in which oil revenue estimates have been reduced by nearly 40%, from AD48mn ($10.4bn at AD4.6 = $1) to AD29bn ($6.3bn).

Overall revenues have been reduced by 26.3% to AD90,650mn ($19.7bn), while total allocations are down 18.2% at AD104,649mn ($22.7bn). These comprise AD59.5bn ($12.9bn) in administrative expenditures (down 11.2%) and AD45,149mn...