On the background of the weakening US dollar, against the European single currency, Algeria has increased the Euro rate in the foreign exchange holdings totalling $120 billions, by early current March, a source close to finances sector said. Although the US dollar is still the reference currency for all trade deals, including oil and gas, as well as in the key stock markets trading worldwide, numerous oil producing countries, such as Venezuela, which has decided recently to adopt the euro when sealing oil deals. Such a decision has been taken after the US dollar underscored its unprecedented lowest level. In this context, the Algerian foreign exchange holdings are valued at $120 billions, or 55% in euro, and 40% in US dollar, while 5% in other currencies. This step is aiming at securing a minimum level of earnings, however a sizable foreign exchange holdings not exceeding 4%, have been changed in bonds, and put in the US central bank, these bonds are secured from at-risk loans crisis hitting the US economy which is threaten by a recession. Also a rate has been changed to gold assets, so Algeria’s gold assets reaching more than 147 tons by early 2008, rank it as a key gold assets owner in Middle East, and North Africa. read more
[Tags]dollar, assets, euro, exchange, foreign, gold, forex news[/Tags]
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