Within the framework of the study of the draft monetary and banking law, the Finance and Budget Committee held, today, Sunday, a meeting chaired by Lakhdar Salmi, Chairman of the Committee, devoted to listening to Salah Eddine Taleb, Governor of the Bank of Algeria.
At the beginning of his intervention, the Chairman of the Committee noted the role of the Bank of Algeria in establishing an effective banking system in the financing aspect of the economy and providing banking services that respond to global financial and economic changes, in addition to its role in maintaining the stability of the currency and controlling banking activity.
For his part, the Governor of the Bank of Algeria confirmed that the preparation of the bank cash project was carried out with the effective contribution of the Bank of Algeria and in coordination and consultation with the various sectors concerned, in accordance with the directives of Abdelmadjid Tebboune, President of the Republic.
According to the speaker, this project is considered the basic basis for ensuring a smooth and rational economic development, and one of the most foundational laws for the economy and the financial system, by defining the basic principles that regulate the work of the banking system and its governance.
In the same context, the governor stressed that Algeria was able to build a balanced banking system that preserved the banking arena from the consequences of all global economic crises, thanks to the provisions of the monetary and loan law in force and the regulatory texts that followed it, through the rational use of available financial resources on the one hand. Preserving the supremacy of the decision of the higher authorities to avoid resorting to external financing on the other hand.
Continuing that it is necessary for the national financial sector to keep pace with the new dynamism, modernization and openness to new actors, in line with the modern trends of the economy and the new consumer needs for financial services, within the framework of building the new Algeria, based on the knowledge economy and digitization.
The Governor of the Bank of Algeria reviewed, on the occasion, the main new axes of the draft law represented in strengthening the governance and powers of each of the Bank of Algeria, the Monetary and Loan Council, the Banking Committee, banks and financial institutions, the adoption of the trust system to exercise the function of the governor of the Bank of Algeria and the reduction of the number of deputies to the governor Expanding its composition and the powers of the Monetary and Loan Council, which enables it to accompany the changes taking place in the banking environment.
During the opening of the discussion, the members of the committee appreciated the government’s efforts in the framework of the process of reforming and restructuring the banking and financial sector, and in the pivotal role of the Bank of Algeria.
The members of the committee also asked about the mechanisms taken to protect the economy and attract parallel market funds, as they demanded the elimination of the parallel market by legalizing and generalizing exchange offices, as well as generalizing bank branches, especially in the southern states.
The members of the committee also stressed the need to take into account Sharia controls and Islamic banking in transactions, and they also stressed the importance of training and digitizing the banking system, to give more transparency to banking transactions, with the need to equip and prepare bank headquarters, as well as to circulate automatic dispensers of foreign currency in coastal areas and markets. The deputies also raised several questions, such as the reason for the deterioration of the value of the dinar, and the incentives that make the citizen enter his money to the banks instead of hoarding it at home, and how to retrieve the monetary mass outside the banks, and what is the policy of the Bank of Algeria to absorb hoarded funds. The members of the committee also asked about the reason for the delay in submitting reports. And the statement of the financial policy of the Bank of Algeria to Parliament.
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