Algeria: 2006 Article IV Consultation—Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Algeria.

Author: International Monetary Fund

Volume/Issue: Volume 2007 Issue 072

Publication date: February 2007

ISBN: 9781451811537

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Topics covered in this book

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Banks and Banking , Exports and Imports , Labor , Money and Monetary Policy , Public Finance , ISCR , CR , government , monetary policy , policy , high-quality fund policy dialogue , authorities' reform priority , reform priority , staff note , government service , stabilization fund , Algerian authorities , world oil price , State-owned banks , Public investment spending , Credit , Maghreb

Also of interest

Republic of Congo : 2001 Article IV

Spain

Peru

Malawi

Summary

Algeria’s key challenges are to achieve sustained growth and reduce unemployment, while maintaining macroeconomic stability. This 2006 Article IV Consultation highlights that real GDP growth of Algeria temporarily declined to about 3 percent in 2006, largely because of a drop in hydrocarbon output for technical reasons. Inflation remained low through mid-year but is picking up. Monetary policy remained prudent, in line with the authorities’ objective of containing inflation. The Bank of Algeria continued to absorb most of the excess liquidity of the banking system through deposit auctions in 2006.