دور سياسة التعقيم في الحد من التضخم : دراسة تحليلة لحالة الجزائر 2000 م - 2017 م

الملخص EN

This article aims at assessing the effectiveness of monetary sterilization policy in reducing inflation in Algeria during the period 2000-2017.

The accumulation of foreign exchange reserves during the period 2000-2014 increased monetary expansion, which is a major source of inflation.

In order to address this situation.

The Bank of Algeria had to intervene in the Monetary Market and beyond , since the emergence of the Liquidity excess in the Monetary Market in 2002, to sterilize these reserves using a set of traditional tools(Rediscount, Legal reserve and Open market).

However, those tools proved to be inefficient and the Bank of Algeria tried different new Sterilizing Tools such as Liquidity Restoration Tool, Permanent Incentives and the transfer of treasury assets from banks to the Bank of Algeria, although these tools contributed to significantly reduce the excess liquidity, inflation rates remained high, which confirms the structural nature of inflation in Algeria.

After the monetary shock of June 2014, the Bank of Algeria changed its direction towards injecting liquidity with a traditional tools, but it could not reduce inflation, so it can be said that the policy of monetary sterilization was not effective in reducing inflation during the study period, which requires This requires addressing the structural and institutional causes of inflation in Algeria