Algeria President Sacks Central Bank Chief.
Written by News Room on May 24, 2022
Algerian President, Abdelmadjid Tebboune, on Monday sacked central bank chief, Rostom Fadli, and appointed Mr. Salah Eddine Taleb to replace him.
It could be recalled that Fadli had taken office in June 2020 as interim head of the central bank of Africa’s fourth-biggest economy, later being confirmed in the role.
Algeria is a rentier economy dependent on oil exports for 90 percent of its foreign income, and therefore vulnerable to price movements.
Despite seeing those revenues explode in recent months with the energy crisis caused by Russia’s invasion of Ukraine, the North African country has also been hit hard by concurrent price hikes on its vital wheat imports.
AFP/AMEEN 8AM NEWS