The Banque d’Algerie governor Mohamed Laksaci, made the comments to the government-owned newspaper El-Moudjahid.

Laksaci added that the current account surplus reached $22.2bn in the first half of 2008 on the back of record earnings from oil and gas exports.

The governor’s figures cover the period before Algerian President Abdelaziz Bouteflika announced that the government would take a harder line on foreign investors (MEED 12:9:08).

Foreign companies are waiting to see what changes the government will introduce during the second half of 2008.