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Article: Algeria bans consumer lending to rein in imports.
- Article from:
- UMCI News (Potomac Falls, VA)
- Article date:
- August 3, 2009
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Summary: Algeria has banned banks from issuing consumer loans in what analysts said was a drive to rein in imports the country is struggling to afford because of the slump in prices for its main exports, oil and gas.
Algeria has banned banks from issuing consumer loans in what analysts said was a drive to rein in imports the country is struggling to afford because of the slump in prices for its main exports, oil and gas.
Energy accounts for 97 percent of Algeria's exports but the falling oil price has cut the value of these sales by half, while imports of items from cars to washing machines and food have continued to rise.
The ban risks angering ...