ALGIERS-Premier Abdelmalek Sellal stressed Thursday in Algiers that the Bank of Algiers has adopted a series of measures to regulate the exchange market and revive exchange offices in Algeria.
In response to an oral question asked by a member of the People’s National Assembly (Lower House of Parliament) read by Minister of Relations with Parliament, the Premier recalled the regulatory measures designed to regulate the foreign currency exchange market through the creation of exchange markets.
In this regard, the Premier said that the Bank of Algeria plays “a key” role in this field as it ensures the orientation and control of distribution operations of credits, the management of financial commitments towards foreign countries and the regulation of the market exchange in order to meet all conditions favouring a rapid growth of the national economy and monetary stability locally and internationally.
Sellal stressed that the content of the regulation N°95-08 of the Bank of Algiers dated 23 December 1995 on the exchange market, and in accordance of which the interbank market in which financial institutions, banks and accredited mediators set exchange rates.
The Premier stated that the convertibility system of the current Algerian dinar has been “progressively” set up while ensuring the development of the country’s foreign financial situation, particularly the foreign payments balance.”
As regards the guidelines set by the Bank of Algiers on dinar convertibility operations for education, health and travels for the benefit of families.
Algeria has adopted the provisions of article 8 of statutes of the International Monetary Fund (IMF) as it finalized the current convertibility of the dinar, he added.
Regarding the creation of exchange offices, 45 authorizations have been granted including 6 offices that are operational in the market, and 40 have been withdrawn from the market upon request of the beneficiaries. 27 offices have been cancelled as they have not started their activity.
In order to overcome this situation, the Premier emphasized the initiative of the Council of Money and Credit in March 2016 relating to the adoption of a new regulation modifying and completing the regulation 95-08.
This regulation “allowed to clearly setting the statute of these offices and their prerogatives while broadening their intervention in exchange operations,” he added.
Source: Sellal: Series of measures to regulate, revive exchange markets
