ALGIERS Cheap Denver Broncos Hats , Sept. 26 (Xinhua) -- Algeria said Tuesday that its foreign exchange reserves could fall to 97 billion U.S. dollars by the end of December 2017, the lowest since the continuing downward trend started from 2014.
Algerian Finance Minister Abderrahmane Raouya made the announcement before the Finance and Budget Committee of the People's National Assembly, saying that it is also the first time that the foreign exchange reserves are less than 100 billion dollars.
The government announced that the amount of 100 billion is a red line for national security.
The decline in foreign exchange reserves could be explained by the fall of oil prices, which began in the second half of 2014, from 117 dollars per barrel to just 27 dollars in February 2016 and rebound to nearly 60 dollars recently.
The other factor that contributed to the acceleration of the decline of foreign exchange reserves was the value of the import bill.
According to a report by the International Monetary Fund (IMF), Algeria's foreign exchange reserves peaked at 194 billion dollars at the end of 2013. The amount decreased to 178 billion at the end of 2014 and 143 billion in 2015. It further shrank to 114 billion dollars at the end of 2016.
In order to limit imports and reduce the expenditure of foreign exchange, the government had put forward the policy of license system for all imported products.
Prime Minister Ahmed Ouyahia said last week that his government will resort to non-traditional funding to save Algeria from severe economic crisis. He said the public treasury will turn to the central bank rather than borrowing foreign debt.
Some local financial experts worried that these measures would cause depreciation of the currency and vicious inflation.
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MONTE CARLO, Monaco, Nov. 26 (Xinhua) -- The International Association of Athletics Federations (IAAF) Council has decided to maintain their suspension of Russia from international competition before all verification criteria are fully met during the two-day 212th meeting that concluded here on Sunday.
"Since the IAAF Congress in August, the IAAF Taskforce has been in constant communication with RusAF (Russian Athletics Federation) and its President Dmitri Shlyakhtin. Shlyakhtin has impressed us with his professionalism, and his pursuing to change the old doping culture in Russian track and field," Rune Andersen, independent Chair of the IAAF Russian Taskforce, said at Sunday's press conference.
In April 2017, the IAAF Council approved a roadmap proposed by the taskforce that identified six specific conditions to be met in order for the Taskforce to be able to recommend RusAF's reinstatement.
"Some of the milestones on the Roadmap to RusAF's reinstatement have been met, at least in part. However, several key milestones remain outstanding," said Andersen.
The IAAF Council suspended RusAF from membership in November 2015, after a World Anti-Doping Agency (WADA) Independent Commission concluded there was a culture of systematic doping in Russian athletics, ruling out Russian athletes' chances of competing at the Rio Olympic Games in 2016 and the World Championships in London this year.
According to the taskforce, of the five remaining conditions in the roadmap, acknowledgement of McLaren findings and reinstatement of RUSADA have not been met.
In November, WADA ruled against the reinstatement of RUSADA as it considered Russia was still not compliant with the international anti-doping code.
"The Taskforce thinks it's vital, because unless there is an acknowledgement of what happened before, there can be no assurance that it will not happen again.
"Therefore, the Taskforce recommended to the IAAF Council that RusAF not be reinstated at this time. The Council unanimously accepted the recommendation," said Andersen.
Following the IAAF Council's decision, it remained unclear that Russian athletes have the possibility of featuring on the 2018 World Indoor Championships in Birmingham.
"We have unanimously on every occasion endorsed the recommendations of the Taskforce, and we will continue to do that. Under the right circumstances that they fully met criteria that we put in agreement with RusAF, we have that reinstatement in place for Russian athletes to resume their places in international sport," commented IAAF President Sebastian Coe.
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