{"id":68947,"date":"2023-01-27T22:04:21","date_gmt":"2023-01-27T21:04:21","guid":{"rendered":"https:\/\/jazairhope.org\/?p=68947"},"modified":"2023-01-27T22:04:21","modified_gmt":"2023-01-27T21:04:21","slug":"algerias-inflation-set-for-sharp-deceleration-in-2023-as-dinar-continues-to-strengthen","status":"publish","type":"post","link":"https:\/\/jazairhope.org\/en\/algerias-inflation-set-for-sharp-deceleration-in-2023-as-dinar-continues-to-strengthen\/","title":{"rendered":"Algeria&#8217;s Inflation Set For Sharp Deceleration In 2023 As Dinar Continues To Strengthen"},"content":{"rendered":"<div>\n<div id=\"paragraph-5253708\" class=\"paragraph paragraph--type--text paragraph--view-mode--default\">\n<div class=\"clearfix text-formatted field field--name-field-text field--type-text-long field--label-hidden field__item\">\n<p><strong>Key View<\/strong><\/p>\n<ul>\n<li>At Fitch Solutions, we think Bank of Algeria will keep monetary policy accommodative in 2023 as it chooses to support the dinar to control inflation.<\/li>\n<li>As a result, we see inflation decelerating from 9.7% in 2022 to 3.8% in 2023 despite loose monetary and fiscal policy, with the discount rate being kept at 3.00% throughout the year.<\/li>\n<li>A sharper-than-expected fall in energy prices could reduce the authorities\u2019 ability to support the dinar, thus posing an upside risk to our inflation forecast.<\/li>\n<\/ul>\n<p><strong>At Fitch Solutions, we expect the Bank of Algeria (BoA) will keep the discount rate unchanged at 3.00% in 2023.<\/strong>\u00a0Similarly, we think the reserve requirement ratio &#8211; which Bank of Algeria actively uses to control money supply &#8211; will remain at 2.00%. Both rates represent an all-time low as the authorities remain committed to supporting economic activity.<\/p>\n<\/div>\n<\/div>\n<div id=\"paragraph-5253709\" class=\"paragraph paragraph--type--custom-image-request paragraph--view-mode--default\">\n<div class=\"field field--name-field-cir field--type-custom-image-request field--label-hidden field__item\">\n<div class=\"field field--name-field-cir-title\">\n<div class=\"field--value\">Policy Rate &amp; Reserve Requirement Ratio To Remain At All-Time Lows In 2023<\/div>\n<\/div>\n<div class=\"field field--name-field-cir-subtitle\">\n<div class=\"field--value\">Algeria &#8211; Discount Rate [LHS] &amp; Reserve Requirement Ratio [RHS]<\/div>\n<\/div>\n<div class=\"field field--name-field-cir-custom-image\"><img fetchpriority=\"high\" decoding=\"async\" title=\"\" 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\" alt=\"\" width=\"579\" height=\"242\" data-adm-path=\"\/bigdb_data\/by_date\/2070\/no_month_day\/file_2070__932798_0980.gif\" \/><\/div>\n<div class=\"field field--name-field-cir-source\">\n<div class=\"field--value\">Dotted lines represent Fitch Solutions forecast. Source: Bank of Algeria, Fitch Solutions<\/div>\n<div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"paragraph-5253778\" class=\"paragraph paragraph--type--text paragraph--view-mode--default\">\n<div class=\"clearfix text-formatted field field--name-field-text field--type-text-long field--label-hidden field__item\">\n<p><strong>The BoA will opt to support the dinar in order to keep inflationary pressures under control.<\/strong>\u00a0This follows repeated statements by officials stressing the importance of supporting citizens purchasing power and countering inflationary pressures. Indeed,\u00a0<a href=\"https:\/\/app.fitchconnect.com\/article\/BMI_C9DAAF06-8911-4DCD-A27D-D5C0419CADB7\">increases in salaries, unemployment benefits and public pensions in the last year<\/a>\u00a0were mirrored by interventions to support the dinar since August 2022, with the currency appreciating by 8.4% since its 2022 lows (<em>see chart below<\/em>). This substantiates the BoA\u2019s view that current inflationary pressures stem mostly from external shocks, with a recently released report by the bank stating that 59.0% of Algeria\u2019s inflation is imported. As a result, we expect the BoA will continue to support the Algerian dinar to control inflation, while keeping monetary policy accommodative.<\/p>\n<\/div>\n<\/div>\n<div id=\"paragraph-5253779\" class=\"paragraph paragraph--type--custom-image-request paragraph--view-mode--default\">\n<div class=\"field field--name-field-cir field--type-custom-image-request field--label-hidden field__item\">\n<div class=\"field field--name-field-cir-title\">\n<div class=\"field--value\">The BoA Will Use The Dinar To Control Inflation<\/div>\n<\/div>\n<div class=\"field field--name-field-cir-subtitle\">\n<div class=\"field--value\">Algeria &#8211; Exchange Rate, DZD\/USD (daily)<\/div>\n<\/div>\n<div class=\"field field--name-field-cir-custom-image\"><img decoding=\"async\" title=\"\" 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\" alt=\"\" width=\"480\" height=\"300\" data-adm-path=\"\/bigdb_data\/by_date\/2028\/no_month_day\/file_2028__930666_0646.gif\" \/><\/div>\n<div class=\"field field--name-field-cir-source\">\n<div class=\"field--value\">f = Fitch Solutions forecast. Source: Bloomberg, Fitch Solutions<\/div>\n<div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"paragraph-5253780\" class=\"paragraph paragraph--type--text paragraph--view-mode--default\">\n<div class=\"clearfix text-formatted field field--name-field-text field--type-text-long field--label-hidden field__item\">\n<p><strong>We revised down our inflation forecast from 4.4% to 3.8% in 2023 following a more bullish outlook for the Algerian dinar.\u00a0<\/strong><a href=\"https:\/\/app.fitchconnect.com\/article\/BMI_D3650B8F-1460-413E-B2F0-68062668994F\">We now forecast the dinar will end 2023 at DZD118.70\/USD, up from our previous forecast of DZD131.80\/USD\u00a0<\/a>(<em>see chart above<\/em>). This follows continued comments from President Abdelmadjid Tebboune citing the need to further support the dinar in order to increase citizens purchasing power. Indeed, inflation has been on a downward trajectory since its peak of 11.7% y-o-y in July 2022, coming in at 8.6% y-o-y in November 2022. Moreover, declining agricultural commodity prices will add to downside pressures on inflation given that food prices constitute 43.1% of the country\u2019s CPI basket.<\/p>\n<\/div>\n<\/div>\n<div id=\"paragraph-5253781\" class=\"paragraph paragraph--type--custom-image-request paragraph--view-mode--default\">\n<div class=\"field field--name-field-cir field--type-custom-image-request field--label-hidden field__item\">\n<div class=\"field field--name-field-cir-title\">\n<div class=\"field--value\">Inflation Set For Significant Deceleration<\/div>\n<\/div>\n<div class=\"field field--name-field-cir-subtitle\">\n<div class=\"field--value\">Algeria &#8211; Inflation, % y-o-y<\/div>\n<\/div>\n<div class=\"field field--name-field-cir-custom-image\"><img decoding=\"async\" title=\"\" 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\" alt=\"\" width=\"480\" height=\"300\" data-adm-path=\"\/bigdb_data\/by_date\/2014\/no_month_day\/file_2014__932805262.gif\" \/><\/div>\n<div class=\"field field--name-field-cir-source\">\n<div class=\"field--value\">Source: Office National des Statistiques, Fitch Solutions<\/div>\n<div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"paragraph-5253782\" class=\"paragraph paragraph--type--text paragraph--view-mode--default\">\n<div class=\"clearfix text-formatted field field--name-field-text field--type-text-long field--label-hidden field__item\">\n<p><strong>Ample reserves will allow BoA to continue to support the dinar.<\/strong>\u00a0Algeria managed to increase its foreign exchange reserves by 34.1% in 2022 as a result of elevated energy prices, the first such increase since 2013 (<em>see chart below<\/em>). Our Oil &amp; Gas team forecasts energy prices will remain elevated, with the Brent oil price averaging USD95.0 per barrel (\/bbl) in 2023, slightly down from USD99.0\/bbl in 2022. As a result, we expect Algeria to continue piling up foreign exchange reserves in 2023, forecasting an increase of 9.2% for the year, bringing the country\u2019s reserves above pre-Covid-19 levels.<\/p>\n<\/div>\n<\/div>\n<div id=\"paragraph-5253783\" class=\"paragraph paragraph--type--custom-image-request paragraph--view-mode--default\">\n<div class=\"field field--name-field-cir field--type-custom-image-request field--label-hidden field__item\">\n<div class=\"field field--name-field-cir-title\">\n<div class=\"field--value\">Increase In Reserves Will Allow Authorities To Continue Supporting The Dinar<\/div>\n<\/div>\n<div class=\"field field--name-field-cir-subtitle\">\n<div class=\"field--value\">Algeria &#8211; Foreign Exchange Reserves, USDbn<\/div>\n<\/div>\n<div class=\"field field--name-field-cir-custom-image\"><img loading=\"lazy\" decoding=\"async\" title=\"\" 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alt=\"\" width=\"480\" height=\"300\" data-adm-path=\"\/bigdb_data\/by_date\/2052\/no_month_day\/file_2052__932806493.gif\" \/><\/div>\n<div class=\"field field--name-field-cir-source\">\n<div class=\"field--value\">Source: IMF, Fitch Solutions<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"paragraph-5253784\" class=\"paragraph paragraph--type--text paragraph--view-mode--default\">\n<div class=\"clearfix text-formatted field field--name-field-text field--type-text-long field--label-hidden field__item\">\n<p><strong>Lower-than-expected energy prices pose a downside risk to our dinar forecast but ironically upside risk to our inflation forecast.<\/strong> While not our core view, lower-than-expected energy prices resulting from a sharper-than-expected deceleration in global economic activity would give the BoA less leeway to support the dinar, thus posing a downside risk to our currency forecast. This would also prompt us to revise up our inflation forecast given a weaker-than-expected dinar.<\/p>\n<p><span style=\"text-transform: initial;\">This report from Fitch Solutions Country Risk &amp; Industry Research is a product of Fitch Solutions Group Ltd, UK Company registration number 08789939 (&#8216;FSG&#8217;). FSG is an affiliate of Fitch Ratings Inc. (&#8216;Fitch Ratings&#8217;). FSG is solely responsible for the content of this report, without any input from Fitch Ratings. Copyright \u00a9 2021 Fitch Solutions Group Limited. \u00a9 Fitch Solutions Group Limited All rights reserved. 30 North Colonnade, London E14 5GN, UK.<\/span><\/p>\n<p>Source : <a href=\"https:\/\/www.fitchsolutions.com\/country-risk\/algerias-inflation-set-sharp-deceleration-2023-dinar-continues-strengthen-24-01-2023\">https:\/\/www.fitchsolutions.com\/country-risk\/algerias-inflation-set-sharp-deceleration-2023-dinar-continues-strengthen-24-01-2023<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Key View At Fitch Solutions, we think Bank of Algeria will keep monetary policy accommodative in 2023 as it chooses to support&hellip;<\/p>\n","protected":false},"author":50,"featured_media":68948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[12,4],"tags":[],"class_list":["post-68947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-featured-articles"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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