Algeria 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.
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