Algerian Finance Minister Laaziz Faid announced that regulations for establishing and operating licensed currency exchange offices will soon be outlined in an official directive from the Bank of Algeria. He highlighted that the Bank of Algeria, operating with complete independence, holds full authority over licensing and overseeing these exchange offices.
Speaking before members of parliament at the National People’s Assembly, Faid emphasized that eliminating the informal financial market requires coordinated efforts from multiple ministries and institutions to establish transparent market practices and strict monitoring of commercial and economic activities.
Regarding the valuation of the Algerian dinar, the minister clarified that this responsibility also lies within the Bank of Algeria’s authority, specifically under Article 64 of the country’s monetary and banking law. This article grants the Monetary and Banking Council the power to manage national currency matters.
Faid noted that the exchange rate of the dinar is determined by economic indicators and monetary stability objectives, using a basket of foreign currencies as a reference to guide the dinar’s value.
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Author: Nor-Eleslam
Algeria plans currency exchange offices and supports dinar valuation
