“The measures taken domestically to favour the financing of the economy from internal resources, to reduce indebtedness, to reject the establishment of a sovereign fund, and to reject total convertibility [of the dinar] permit us to consider that we have put in place the essential elements of protection of our economy from this crisis,” said Djoudi on the sidelines of a debate in Algeria’s parliament on 5 October, according to the local El-Watan newspaper.

Algeria has built up foreign exchange reserves of $133bn due to to record earnings from oil and gas exports.

These are expected to reach $80bn during 2008, according to remarks made by the Minister of Energy & Mines Chakib Khelil in September.

The country’s external debt was just $4bn at the end of June.