The Bank of Algeria (BA) provided details concerning the press release on the terms of opening and functioning of currency accounts published on June 30. In a new note issued on the eve of Eid al-Adha, the financial institution explains the modalities of application of these new modalities.
“This instruction now allows access to 100% of non-hydrocarbon export earnings, for the benefit of the exporter,” says the Bank of Algeria, which recalls that article 04 of instruction 06-2021, stipulates and “in a clear manner” that “the holder of the merchant and non-merchant currency account is entitled to all of the proceeds of his income from the export of goods and services.”
This new instruction confirms the decision of the Bank of Algeria to allow exporters to have access to all of their income in foreign currency. It recalls that since June 30 any natural or legal person residing and exercising an economic activity is authorized to open with the Bank of Algeria one or more foreign currency accounts for traders or non-traders. The instruction further explains that the natural or legal person can freely open an account for each currency.
It specifies that the holders of these currency accounts have the right to register all of the proceeds of their income from the export of goods and services, in whole or in part. However, the Bank of Algeria underlined that will be converted into Algerian dinar all export receipts not domiciled and those repatriated outside the regulatory deadline. Adding that the holders of these currency accounts are authorized to make a withdrawal of a reasonable amount only on an exceptional basis.
The instruction of June 30 adds that the holders of these traders’ currency accounts can close them on request or in the event of an activity stoppage and the balances will be converted into Algerian dinar. Regarding non-commercial professional currency accounts, their holders can close them at their request and the available balance will be converted into Algerian dinar.
