Algerian President Abdelmadjid Tebboune has sacked the country’s central bank chief Rostom Fadli.

The presidency made the announcement in a statement on Monday without giving any further explanation.

The statement also announced that President has since appointed Salah Eddine Taleb to replace Fadli.

Fadli had taken office in June 2020 as interim head of the central bank of Africa’s fourth-biggest economy, later being confirmed in the role.

Algeria 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, the North African country has also been hit hard by concurrent price hikes on its vital wheat imports.