فعالية بنك الجزائر في تعقيم تراكم احتياطات الصرف الأجنبي خلال الفتر 2000-2011

الملخص EN

The exports of the hydrocarbon sector are the main source of the accumulation of foreign exchange reserves in Algeria.

The continuous accumulation of these reserves between 2000 and 2011 led to an increase in net foreign assets held by the Bank of Algeria.

These foreign net reserves had become the main source of monetary supply, which was the reason of price instability.

The Bank of Algeria had to intervene in the monetary market and try to sterilize these reserves, using a set of traditional tools such as central bank rediscount, legal reserve, open market operations.

However, those tools proved to be inefficient and the Bank of Algeria tried different sterilization tools such as liquidity restoration, permanent incentives and the transfer of treasury assets from banks to the Bank of Algeria since the the emergence of the excess liquidity in the money market in 2002, and contributed to these tools in the absorption of excess liquidity ratios ranged among 20% and40% of the total excess liquidity