BREAKING!!! Central Bank Governor Sacked

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BREAKING!!! Central Bank Governor Sacked

Algerian President Abdelmadjid Tebboune on Monday sacked central bank chief Rostom Fadli, in office for less than two years, the presidency announced without giving any further explanation.

Tebboune “on Monday ended the functions of the Governor of the Bank of Algeria, Mr. Rostom Fadli, and appointed Mr. Salah Eddine Taleb to replace him,” it said in a statement.

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.

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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.

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AFP

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