ALGIERS, June 29 (Reuters) - Algeria's foreign exchange reserves fell by $6.1 billion so far this year to $108 billion mainly due to high imports bill, state news agency APS quoted Central Bank Governor Mohamed Loukal as saying on Thursday.
Algeria set import restrictions to reduce spending and protect its reserves after oil prices started falling in mid-2014 and hit state finances in the North African OPEC state, where oil and gas account for 60 percent of the budget.
Import restrictions are just one of the measures Algeria's government has introduced as it looks to reform its economy away from reliance on energy revenues and also develop its non-oil industries to lessen imports of goods.
The latest official figures show imports reached $15.42 billion in the first four months of this year, declining only by 0.14 percent from the same period in 2016.
Reserves were $114.1 billion at the end of 2016, down from $144.1 in 2015 and $178 billion the previous year.
After lower oil prices cut its energy revenues in half, Algeria has slashed public spending and started to reform its massive subsidy and welfare system. But its leadership is cautious of austerity measures upsetting social peace.
(Reporting by Hamid Ould Ahmed; writing by Patrick Markey) ((pat.markey@thomsonreuters.com; +213-661-692993; Reuters Messaging: pat.markey.thomsonreuters.com@reuters.net))
