Bank of Algeria Orders Faster Processing of Export Transactions
The Bank of Algeria has issued a new directive requiring commercial banks to process and register all export transactions for goods and services within a maximum of 48 hours after receiving a complete application file.
The measure forms part of the central bank’s broader efforts to promote exports, facilitate international trade, and improve the efficiency of banking services provided to Algerian exporters.
According to the memorandum, authorized intermediary banks must give priority to export-related files by streamlining their internal processing procedures while ensuring strict compliance with the 48-hour deadline.
The central bank warned that any unjustified delay in handling export applications could expose the bank concerned to supervisory and regulatory measures in accordance with the applicable banking regulations.
At the same time, the Bank of Algeria emphasized the need for stronger oversight of foreign trade operations within the banking sector. Financial institutions are required to verify the legality and compliance of all submitted export documents before processing them.
The directive also instructs banks to ensure that exporters fulfill their obligations regarding the repatriation of export earnings, a key requirement under Algeria’s foreign exchange regulations.
In addition, banks must continue to apply all legal provisions related to anti-money laundering (AML) measures and the prevention of violations of the country’s foreign exchange legislation.
The new instructions are intended to simplify export procedures while maintaining a high level of financial oversight and regulatory compliance. By reducing administrative processing times and strengthening monitoring mechanisms, the Bank of Algeria aims to support the growth of non-hydrocarbon exports, improve the business environment for exporters, and reinforce confidence in Algeria’s financial and trade systems.
