Experts and political parties warned at that time this option would only delay the onset of the crisis effects, since it would only bring inflation at record levels, reduce the purchasing power of citizens, and provoke further depreciation in the value of the national currency.

According to the Central Bank of Algeria, out of 55 billion U.S. dollars generated from the unconventional financing, some 20 billion dollars were destined to finance the treasury deficit for 2017, 2018 and part of 2019.

An amount of 15 billion dollars was spent on redemption of public debts to state-run companies and redemption of bonds for economic growth.

The foreign exchange reserves melted as oil prices started to fall by the second half of 2017. The reforms initiated by the former government aiming at stabilizing the trade balance did not reach the desired results.

In its monthly report for the second half of 2018 published on June 3, the central bank announced that foreign exchange reserves were around 79.88 billion dollars by the end of 2018 compared with 97.33 billion dollars a year earlier.

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