Mohamed Loukal: "We Will Not Reduce Dinar's Value, Removing Black Market Is Postponed"

date 2016/11/15 views 315 comments 0
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icon-writer Imane Kimouche/English version: Dalila Henache

Algeria Bank Governor, Mohamad Loukal, defended the national currency, and said it is experiencing a relative stability, since last July, and did not notice any reduction.

"Algerian dinar was able to withstand the US dollar despite the jump in the latter in the past few days, as the price of its exchange balances between 109 and 111 ZDZ, at its worst, while the Algerian currency rose against the Euro, reaching the equivalent of 119 ZDZ, after it reached earlier 122 ZDZ, which excludes the reduction hypothesis".

Algerian Bank governor, who took office a few months ago, replacing his predecessor, Mohamed Laksaci, said: "Difference between the real value of the dinar and its value after the collapse contributed to the financing of investment projects, and pumping larger financial liquidity, but the situation today is different and the dinar is noticing a state of stability, and the policy of non-reduction".

"New mechanics will be pursued by the beginning of the first quarter of 2017, to install the exchange rate at the level of Algeria Bank, a motivational action that was taken for the benefit of the Algerian exporters, who have long complained about the low value of the dinar, after determining the price of goods that are destined for export, rising the value of goods at the level of markets. We will pursue a policy of extending the currency market, to ensure the preservation of the interests of exporters".

In response to Echorouk question, the governor of Algeria Bank, said on the sidelines of the meeting of the committee for organizing exports, that was headed by the Prime Minister, Abdelmalek Sellal, at the headquarters of the Trade Ministry, with the presence of Bakhti Belaiab: "Removal of Algiers Port Said (Square) hard currency market and other black files for the marketing of the Euro and the dollar, is not included in the current circumstances, and does not fall within the same major priority for the Bank of Algeria projects".

"There is talk about the project in the future and in a timely manner. Import and export is the first that was put on my desk, as soon as I was appointed last July, which is the file that we seek to settle in the coming days. Bank of Algeria will pump cash to all the banks that have requested funding, and we believe on the need to use these last institutions in the financing of projects, in light of the difficult financial situation of Algeria".

Trade Minister Bakhti Belaiab kept silence, and listened to the complaints of exporters, promising new meetings in the presence of the General Manager of Customs and the Minister of Agriculture and Rural Development and Fisheries, to eliminate all obstacles in the export process, while most of the interventions of exporters focused on the need to open representation offices abroad and branches of banks and commercial agencies, and review of the Exchange Law, and the extension of deadlines to bring money to the dealer.

Dates exporters complained from the prevention of the introduction of the Algerian dates to a number of countries like Indonesia, which has not imported, since February 2016, and China, while Turkey imposes dues on dates "Deglet Noor" which increase by 40%, as the Minister of Commerce pledged to consider all the complaints.

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