Algeria has applied to join the BRICS group and submitted a request to become a shareholder member of BRICS Bank with an amount of $1.5 billion, Ennahar TV quoted Algerian President Abdelmadjid Tebboune as saying. It added that Tebboune said at the end of his visit to China that Algeria had sought to join the BRICS to open new economic opportunities.
The same Algeria that has a 12.7% unemployment rate, a rising 8% inflation rate, and whose economy almost strictly relies on processing hydrocarbons?
$1.5 billion would be nice though. Based on the $5.1 trillion moved per day in 2016 according to the BIS, that will last about them about…25 and a half seconds worth of cross-border transactions on the international market!