Algeria president sacks central bank governor

By Orowo Victoria Ojieh with agency report

Algerian President Abdelmadjid Tebboune on Monday sacked central bank chief Rostom Fadli, the presidency announced without giving any further explanation The Trumpet gathered.

Fadli has been in office for less than two years.

Central Bank
Central Bank

Tebboune “on Monday ended the functions of the Governor of the Bank of Algeria, 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, he was later confirmed in the role.

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The North African country is a rentier economy dependent on oil exports for 90 percent of its foreign income, and therefore vulnerable to price movements.

Despite seeing those revenues explode in recent months with the energy crisis caused by Russia’s invasion of Ukraine, Algeria has also been hit hard by concurrent price hikes on its vital wheat imports.

Rosthom Fadli
Rosthom Fadli

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