Today, Thursday, deputies of the Finance and Budget Committee of the National People’s Assembly raised concerns to Finance Minister Ibrahim Djamel Kassali, the most important of which is based on facilitating the movement of capital between banks and to and from Algeria while ensuring oversight over it.
During the Minister of Finance’s presentation of the draft monetary and banking law before the members of the Finance Committee, the deputies called for facilitating financial transactions between banks, especially economic dealers who establish commercial and investment mobility between African and European countries, especially since Algeria has recently tended to enter the African market.
As for the part related to Islamic banking, the deputies were keen to take into account the legal controls in Islamic financial transactions and to encourage and expand their products to motivate citizens. On the currency to attract this important monetary mass in stimulating investment.
On the other hand, Wiz Finance emphasized that the draft monetary and banking law falls within the framework of the process of reforming and restructuring the banking and financial sector by adapting the legal and regulatory system in response to deep economic and financial transformations, technical and technological challenges, and allowing openness to new actors.
The draft law, according to the representative of the government, also includes the re-approval of the trust system for the governor and the reorganization of the composition of each of the Board of Directors of the Bank of Algeria and the deputy governors, while granting the Monetary and Loan Council new powers that enable it to accompany the transformations taking place in the banking environment, in addition to expanding its powers in the field of approving investment banks. And digital and licensing to open exchange offices, as well as strengthening the role of the Bank of Algeria, the Monetary and Loan Council, the Banking Committee, and banks and financial institutions.
Explaining, in the same context, that these amendments will enable the Bank of Algeria to establish its mission of financial stability, and to maintain the liberalization of the financial system by creating a financial stability committee and entrusting it with macro-prudential control and crisis management, and national payment committees to prepare a draft national strategy for the development of written means of payment, with the aim of strengthening transactions. banking and strengthening financial inclusion.
The Minister of Finance stated that this project takes into account the implications of technological development on the banking sector, as it is related to the introduction of the digital currency of the Central Bank that is developed, issued, managed and monitored by the Bank of Algeria, and it is called the Algerian digital dinar, and digital banks and agencies will also be established. It’s called Payment Service Providers (PSP).
The discussion witnessed a proposal to review the custody of the bank’s governor, the structure of the Board of Directors of the Bank of Algeria, as well as the creation of a body qualified to monitor it. The members of the committee also stressed the importance of training and digitizing the banking system, to give more transparency to banking transactions. Representatives also asked about the reason for the delay in submitting the reports it publishes. The Bank of Algeria to Parliament, and the deputies also proposed generalizing bank branches, especially in the southern states, with equipping and preparing their headquarters, as well as generalizing automatic dispensers of foreign currency in coastal areas and international markets.
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