Omar Rakash: The draft monetary and banking law includes articles that will contribute to the promotion of investment – Al-Hiwar Al-Jazaeryia

Today, Tuesday, the Finance and Budget Committee continued its series of meetings within the framework of studying the draft monetary and banking law.

At the outset of the meeting, the committee chairman explained that this meeting is part of a series of hearings dedicated to studying the draft monetary and banking law, in order to know the relationship between the agency and the financial and banking institutions.

For his part, the Director General of the Algerian Agency for Investment Promotion explained that this project came within the framework of the major reforms initiated by the state for a strong and flexible economy, explaining that the approach adopted by the state in this field relied on basic pillars for the success of investment, which are political, social and institutional stability. In addition to a safe and stable legislative pillar, especially the investment law, as well as the financing pillar, and the fight against bureaucracy.

In the same context, he explained that the draft monetary and banking law includes articles that will contribute to the promotion of investment, including the expansion of the Monetary and Loan Council, the approval of commercial banks, as well as the approval of payment services suppliers, and the authorization to open exchange offices that are directly related to investment, in addition to the establishment of a banking committee and the decriminalization of Managers, which will lead to the liberation of initiatives, and the opening and granting of loans for major projects.

In addition to requiring banks and financial institutions to adopt the principles of governance, support emergency liquidity, and introduce new monetary instruments, which are Islamic financing instruments.

For their part, the deputies appreciated this project, which comes after the investment law, and which can improve the investment environment and conditions, and remove obstacles for investors, especially in the field of financing, and in order to prepare an economic environment that allows attracting and encouraging Algerian and foreign investors. And banking from a bureaucratic management method to a flexible and efficient management, as the members of the committee called for the support of real investors, raising local concerns.