Algeria’s foreign currency reserves fell to just $98bn at end-November, the lowest level since 2007, latest data from the Central Bank reveal. Finance Minister Abderrahmane Raouia estimated in October that they would be $97bn as of end-2017, a projection that will likely be borne out despite crude prices rising by around $10/B over the last three months of 2017.

The country’s finance ministry projects that this rate of decline will ease over the coming years, with reserves...