60 billion dollars in exchange reserves and two new public banks in 2023 – Al-Hiwar Al-Jazaeryia

Salah Eddine Talib, Governor of the Bank of Algeria, revealed that the Algerian exchange reserves exceed 60 billion dollars, while the Prime Minister called for the creation of new banks to support competitiveness.

And during the celebration of the 60th anniversary of the founding of the Bank of Algeria, today, Monday, Taleb said that the Bank of Algeria in 2022 focused on using a pragmatic monetary policy to confront inflation, as the balance of payments achieved a surplus for the first time since 2014, which led to an increase in the Algerian exchange reserves to 60 billion dollars. Almost a year and a half of importing goods and services, stressing that the Bank of Algeria has professionally performed all the sovereign tasks entrusted to it over 6 decades and professionally raised all challenges.

With regard to the new monetary and loan law, the spokesman stressed that it will allow the Bank of Algeria to move forward in the modernization of the banking system to keep abreast of current and future developments in its technological and innovative aspect and the access of economic operators to all modern banking systems to establish sustainable development rules.

For his part, Prime Minister Ayman bin Abd al-Rahman called on the national capital to go to the creation of new commercial and specialized banks and to open the capital of public banks at least two banks in the year 2023, noting that all national legislation allows the creation of new commercial banks. The Prime Minister called on the Monetary Authority, together with the Ministry of Finance, to accelerate the opening of the capital of public banks to give a new impetus to competitiveness. He also revealed the future endeavor to open branches of Algerian banks in Arab countries, accompanied by the Arab Monetary Fund, given that Algeria was one of the first countries to join the Bani Payments platform in the Arab region in cooperation with the Board of Directors of the Arab Monetary Fund.

In his speech during the ceremony, the Prime Minister revealed the establishment of the first monetary pole in 2023, which will include services and specialized structures, of course, and the center of the General Fund of the Bank of Algeria, whose executives are estimated at 3 thousand employees.

49 branches nationwide, pending the completion of the remaining 10 branches at the level of the new states.

Regarding the monetary mass in circulation, the Prime Minister said that it ranges between 22 thousand and 204 billion dinars, noting that reviving the legal framework of the Bank of Algeria will enhance the desired economic reforms and enable the strengthening of the governance of the banking system while granting the Monetary and Loan Council new powers to the Bank of Algeria. Ben Abdelrahman also announced the authorization to open exchange offices and the creation of a committee for financial stability, prudential monitoring and crisis management, as well as the creation of a national committee for payment, with the launch of the Algerian digital dinar, in parallel with the strengthening of security mechanisms and monitoring of payment operations.

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