After a suspension of commercial transactions between Algeria and Spain, the normalization of trade exchanges has been officially announced by Algerian authorities.
“Approved intermediary banks should note that banking domiciliation operations for foreign trade involving Spain must be handled in accordance with the current foreign exchange regulations,” states a correspondence from the Bank of Algeria addressed to the general managers of banks, dated November 6, 2024.
The same note reminds that “under the current foreign exchange regulations, approved intermediary banks must ensure the compliance of the foreign trade and exchange operations they handle.”
It should be remembered that both countries ceased all commercial transactions in June 2022 due to a diplomatic dispute between Algiers and Madrid. This incident led Algerian authorities to recall their ambassador from Spain and on June 8, 2022, to suspend the “Treaty of Friendship, Good Neighborliness, and Cooperation.”
Subsequently, on June 9, 2022, Algeria proceeded to freeze the banking domiciliations “of foreign trade operations for products and services to and from Spain.” However, this decision did not affect gas deliveries.
