Mohamed Laksaci’s replacement will face the same challenges after the local currency falls 30% and is still considered overvalued ALGIERS — Algeria swore in a new central bank head after replacing long-serving governor Mohamed Laksaci, after he was disparaged for his performance during the plunge in oil prices that has damaged the country’s finances.Mohamed Loukal, former head of the Banque Exterieure d’Algerie, assumed the governorship during a ceremony in Algiers on Thursday, a central bank spokesman said. Laksaci had been at the helm since 2001.While other oil exporters in the Middle East relied on spending cuts and kept their currencies stable as revenue slumped, Algeria let the dinar weaken by about 30% since 2014 and maintained generous subsidies in an effort to prevent political protests. While a weaker currency was supported by international bodies including the International Monetary Fund, the decision proved deeply unpopular at home.Laksaci was "criticised for his passive ...
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