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Low oil revenues, forcing Algeria to ban the importation of certain materials
The Algerian government has published a list of food and industrial materials are banned from import, added to other measures adopted to reduce imports to meet the significant decline in oil revenues.
The document included sent earlier in the professional association of banks and financial institutions to executives of banks list with 16 food items and 8 industrial materials, the Ministry of Commerce has decided to "suspend" the beginning of the import of this date.
According to a banker who preferred not to be named, this correspondence "means preventing the import of these materials to further notice."
The list of food and all kinds of bread, pasta, water, juices, sauces, mayonnaise, Alkachub, chocolate, jam, canned food and all kinds of nuts.
The industrial materials are prohibited imported bricks, marble, granite, faucets, carpets and materials made of plastic, furniture and chandeliers.
According to the economist, Ismail diamond, the "government has no choice but to reduce imports after years of anarchy in this sector so that the value of imports for Algeria amounted to $ 60 billion in 2014."
"But the government should look for other solutions such as raising taxes on these materials instead of preventing import contrary to foreign trade agreements signed by Algeria with other countries and international organizations."
Since the summer of 2014 oil prices, which is the only source of hard currency for Algeria fell, significantly, when it stood at 28 billion dollars, the government began measures to reduce imports.
According to the government, the government's policy to impose restrictions on the import paid off so that the value of imports fell $ 66 billion in the year 2014 the beginning of the oil crisis to $ 35 billion in 2016.
Algeria experienced a decline in foreign currency reserves to $ 108 billion currently, compared to $ 114 billion at the end of 2016 and $ 200 billion in 2014.
http://economy-news.net/content.php?id=8206
The Algerian government has published a list of food and industrial materials are banned from import, added to other measures adopted to reduce imports to meet the significant decline in oil revenues.
The document included sent earlier in the professional association of banks and financial institutions to executives of banks list with 16 food items and 8 industrial materials, the Ministry of Commerce has decided to "suspend" the beginning of the import of this date.
According to a banker who preferred not to be named, this correspondence "means preventing the import of these materials to further notice."
The list of food and all kinds of bread, pasta, water, juices, sauces, mayonnaise, Alkachub, chocolate, jam, canned food and all kinds of nuts.
The industrial materials are prohibited imported bricks, marble, granite, faucets, carpets and materials made of plastic, furniture and chandeliers.
According to the economist, Ismail diamond, the "government has no choice but to reduce imports after years of anarchy in this sector so that the value of imports for Algeria amounted to $ 60 billion in 2014."
"But the government should look for other solutions such as raising taxes on these materials instead of preventing import contrary to foreign trade agreements signed by Algeria with other countries and international organizations."
Since the summer of 2014 oil prices, which is the only source of hard currency for Algeria fell, significantly, when it stood at 28 billion dollars, the government began measures to reduce imports.
According to the government, the government's policy to impose restrictions on the import paid off so that the value of imports fell $ 66 billion in the year 2014 the beginning of the oil crisis to $ 35 billion in 2016.
Algeria experienced a decline in foreign currency reserves to $ 108 billion currently, compared to $ 114 billion at the end of 2016 and $ 200 billion in 2014.
http://economy-news.net/content.php?id=8206
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