Algiers – The Bank of Algeria has issued new guidelines permitting the funding of commercial accounts through both documentary payment methods and cash deposits. This decision aims to provide greater flexibility for businesses in managing their finances.
The new directive, announced earlier today, allows businesses to deposit funds into their accounts using traditional methods like checks and bank transfers, in addition to direct cash deposits. The authorization is reportedly based on the daily and/or weekly business volume of the account holder.
DZWatch understands that this measure is intended to streamline financial operations for small and medium-sized enterprises (SMEs) and facilitate smoother transactions. Previously, restrictions on cash deposits sometimes posed challenges for businesses dealing with significant cash flow, particularly in sectors such as retail and hospitality.
Sources within the banking sector suggest that the move reflects the Bank of Algeria’s commitment to supporting economic activity and reducing bureaucratic hurdles for businesses. By providing more options for funding accounts, the central bank hopes to encourage greater financial inclusion and efficiency.
The impact of this new regulation is expected to be felt across various sectors of the Algerian economy. Business owners have welcomed the change, anticipating a reduction in operational complexities and improved cash management capabilities. DZWatch will continue to monitor the implementation of these guidelines and provide updates as they become available.
The Bank of Algeria has yet to release a detailed statement outlining the specific criteria for determining acceptable deposit methods based on business volume. However, further clarification is anticipated in the coming days.
