Algerian President Abdelmadjid Tebboune sacked Central Bank Governor Rostom Fadli on Monday (May 23), in office for less than two years, the presidency announced without specifying the reasons for this ousting. Abdelmadjid Tebboune “on Monday terminated the functions of the Governor of the Bank of Algeria (BA), Mr. Rostom Fadli, and appointed Mr. Salah Eddine Taleb to replace the latter”, indicated the presidency in a press release without more details.
The new head of the Bank of Algeria occupied the post of secretary of the Council of the currency and the credit within the institution. Rostom Fadli succeeded current Prime Minister Aïmene Benabderrahmane as head of the Central Bank in June 2020, first as an interim, before being confirmed in his post in September of the same year.
Fourth economic power on the African continent, Algeria – nearly 45 million inhabitants – is particularly exposed to fluctuations in the price of oil because of its dependence on oil revenues, which represent more than 90% of its external revenue. It is also facing rising food and commodity prices since the February invasion of Ukraine by Russia, the Maghreb’s main wheat supplier..
