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Algeria Appoints New Heads at State Banks

Algeria Appoints New Heads at State Banks

Thursday, 29 April, 2021 - 14:45
A general view shows an empty street after a curfew was imposed to prevent the spread of the coronavirus disease (COVID-19), in Algiers. Reuters file photo

Algeria announced on Thursday that the heads of all the country's six state banks had been replaced, amid efforts to develop the banking sector as part of wider economic reforms.

The chief executive officers at the banks had been dismissed and replaced by the newly appointed chairs of the banks' boards of directors, the Finance Ministry said in a statement.

The country has been under financial pressure due to falling energy revenues that caused trade and budget deficits, Reuters reported.

The authorities have announced plans to develop the non-energy sector and reduce reliance on oil and gas earnings, which account for 60% of the state budget and 94% of total export revenues, it said.

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