In 2016, the issue of exchange offices in Algeria has continued to fuel media headlines. Promised for ages by successive governments, the date of their opening has been postponed several times. However, this issue has seen considerable progress in recent times. The opening of these offices is in its final stretch.
These offices will have to open as provided for by the law on currency and credit. For the moment, the decision has not been materialized, but the Minister of Finance had affirmed at the end of April that the instruction of the Bank of Algeria (BA) which will have to formalize the opening of these offices was ready.
A few months later, the same minister spoke out on this issue again. Laaziz Faid stated before the National People’s Assembly (APN) in response to a written question from a deputy that the Bank of Algeria will decide on the files of the accreditation request to open exchange offices and that preparations are underway to deploy a network of exchange offices across the country.
The Bank of Algeria will issue authorizations for opening exchange offices
Thus, the Bank of Algeria is preparing to rule on the applications for approval of official exchange offices for the conversion of foreign currencies. The financial institution will therefore decide by what is provided for in the new law on currency and credit and banking law.
It must be said that the minister’s response comes at a time when the exchange rate of foreign currencies has reached a very high level. This recalls the need to open official exchange offices to impact the informal circuit which is the real exchange market in Algeria.
The Minister of Finance also explained that the Bank of Algeria’s system project relating to exchange offices was studied and approved by the Monetary and Banking Council during its ordinary session held on September 21, 2023. However, its implementation is taking place in several phases. Indeed, the Bank of Algeria will have to create the conditions to promote the deployment of a national network of exchange offices to facilitate large-scale exchange operations.
This system will be implemented according to an instruction from the Bank of Algeria which determines the conditions for opening exchange offices. Thus, the files listed for the opening of exchange offices will be examined by this institution which will issue the authorization to exercise this activity.