CHAPTER FOUR: ECONOMIC GOVERNANCE AND MANAGEMENT Table 4: Balance of payments 2002 2003 2004 2005 -1.32 -1.38 -2.23 -3.05 Mobilisation (US$ billion) 1.6 1.65 2.12 1.41 Repayments (US$ billion) -2.92 -3.03 -4.35 -4.46 Net short-term adjustment earnings (US$ billion) -0.36 -0.61 -0.26 -2.24 Balance of payments (US$ billion) 3.65 7.44 9.25 16.95 Gross reserves (US$ billions) 23.1 32.9 43.1 56.2 Import per month (US$ billion) 17.0 18.1 21.0 25.7 Price per barrel (US$) 25.2 29.0 38.5 54.6 Net mortgage loan trust (MLT) loans (US$ billion) Sources: Bank of Algeria, IMF. Table 5: Liquidity and near-money (DA billion) 2001 2002 2003 Liquidity and near-money (M2) 2475.2 2905.8 3357.9 3742.6 4142.4 Cash 1238.5 1416.3 1630.4 2160.6 2417.4 Credit circulation (non-bank) 577.2 664.7 781.4 874.3 921.0 Banks 554.9 642.2 718.9 1127.9 1220.4 Postal system and treasury 106.4 109.4 130.1 158.3 276.1 Near money 1236.7 1489.5 1727.5 1582.0 1724.9 Net foreign investments 1310.7 1755.7 2342.7 3119.2 4179.4 1313.6 1742.7 2325.9 3109.1 4151.5 –2.8 13.0 16.7 10.1 27.9 1648.2 1845.4 1803.6 1514.4 833.8 569.7 578.6 423.4 –20.6 –944.5 –276.3 –304.8 –464.1 –915.8 –1986.5 Banks 739.6 774.0 757.4 736.9 765.9 Others (postal system and treasury) 106.4 109.4 130.1 158.3 276.1 Loans to the economy 1078.4 1266.8 1380.2 1535.0 1778.3 Other net items –448.2 –626.8 –690.2 –796.9 –796.4 Central Bank of Algeria Commercial banks Internal funds State budget Central Bank of Algeria Sources: Bank of Algeria, IMF. 146 2004 2005