The Bank of Algeria announced, through a note published on February 3, 2022 on its website, that commercial banks can open currency cash accounts on its books. This, pursuant to Article 4 of Regulation No. 2020-04 of March 15, 2020 relating to the interbank foreign exchange market, currency cash transactions and foreign exchange risk hedging instruments.
Dated January 26, the note issued to the banks specifies that these accounts will be dedicated to the processing of currency cash transactions concluded between banks on their behalf or on behalf of their customers, and are subject to the same operating rules and authorization as those governing the dinar cash account.
“These accounts operate on a credit basis and must in no case show a debit position. The equity currency account will continue to be dedicated to all the bank’s own operations. The banks will transmit to the Bank of Algeria (General Directorate of External Financial Relations-DGRFE), the list of persons authorized to move it. The operating mechanisms of cash currency accounts will be detailed in a note from the General Directorate of External Financial Relations,” reads the document signed by Louai Zidi, the General Director of Foreign Exchange.
The Algerian banking market is animated by 19 banks and 8 financial establishments in activity, according to a list made public this week by the Bank of Algeria.
