26.09.2016

Algeria ready to open stock market to foreign investors

400Algeria is changing its economy and opening up a market system, the state-owned banks will be listed on the stock exchange and therefore funded by private capital and foreign capital.

The North African country is thus implementing a clear change of direction than in the past, when the organisation was based on a state-run and centralized system since its independence from France and the economy was at 60% on profits derived from petrodollars, ie the proceeds from the sale of oil, which was strictly public.

As Reuters reported, "The era of $100 a barrel is over. We have no choice but to change our policy," one official said, asking not to be named because they were not authorised to speak to the media.

While the price of oil is at historic lows, the public purses of many producing countries (OPEC or not) are empty. Algeria, although not on the edge, as with Venezuela and other big oil producers, however, had to break down the energy subsidies regime, in force up to now, and the consequent welfare system which stemmed revenue guaranteed by the wealth which derives from the sale of barrels of black gold.

Now, the time is also ripe for a diversification, as also happened in Saudi Arabia, and this is the reason why banks will be privatized. An attempt had already been done in 2007 without success.

 

 






Events


Semptember 2015
  • 20
    Feb

    Criptovalute e Blockchain Possiamo ignorarle?  Rischi e opportunità dietro al boom delle monete

  • 21
    Feb

    Blockchain & Bitcoin Conference is a series of blockchain events held in Russia, Ukraine, Netherland

  • 01
    Mar

    The Lead Quantitative & Asset Management Event in Europe

  • 16
    Mar

    Das Swiss Funds & Asset Management Forum ist die national führende Konferenz der Fonds- und Asset M

  • 20
    Mar

    Seize the opportunity to get up to date on the topics of secondary buyouts, the real estate bubble,

See All

newsletter

Updates and news from MarketPlus