المستوى الأمثل لإحتياطات الصرف الأجنبي في الجزائر : دراسة قياسية

Abstract EN

The article aims to attempt to estimate the optimal level of exchange reserves in Algeria during the period 1970-2020, on the basis a the comparison this level during the fixed and float managed exchange rate regime in Algerian.

By applied a descriptive index, reserves-imports ratio.

where the reserves surplus grew at 40.

23% between 1995 and 2013 and an -17.

14% during 2014-2020, in addition the reserves covered an 10% of the money board with a surplus value that decreased by 13.

65% between 1994 and 1995 and grew during 1999-2013 by 45.

81%, and decreased again by a rate of -20.

66% during 2014-2020, with a deficit in coverage of 40% of foreign debt at an -18.

16% during the same period.

The results of the factors analysis also showed a deficit in the adequate level of reserves during the Algerian dinar fixed regime except 1991.

The managed float period saw a surplus in reserves with an average positive difference of $17.

05 billion.