Economy, Currency and Banking

The monetary unit of Algeria is the dinar (75.26 dinars equal U.S.$1; 2000 average). In the mid-1960s all foreign and private banks were nationalized. In 1986 the state-run Bank of Algeria began to liberalize the banking sector and allow the establishment of private banks. Aided by agreements with the International Monetary Fund (IMF) and foreign lenders, Algerian foreign debt has fallen in recent years.