16-month deadline for investors to deposit their money in banks

Bank of Algeria granted a deadline of 16 months for economic investors who are active in the informal sector to enter their clean money to the banks, by the beginning of next August, 15, to the end of December 2016, according to the measures that are carried by the Complementary Finance Act for the current year, at a time the Finance Minister, Abderrahman Benkhalfa, started a race against time to convince the Algerians who hide their money at home and the rich to declare their money to the banking institutions.

Finance Minister, Abderrahman Benkhalfa, called upon the economic investors who are active in the informal field to deposit their money at the banks by the beginning of next August 15, to take advantage of the state amnesty and privileges that are guaranteed by the Complementary Finance Act 2015, announcing the rejection of the logic of the conduct of the country by economists, one of them is official and the second is parallel.

The minister explained that the doors are open to all who wish to declare their properties and that there is no single cause to make them hesitate, saying “The banking system in Algeria is safe and does not pose any risk, as we have the highest percentage of the flow of funds, and all the guarantees will be offered to customers”.

“I expected the process will contribute to the pump of between 1,000 and 1,300 billion dinars, according to estimates by the Bank of Algeria, as the process aimed primarily the funds that are traded outside the official range in Algeria and not abroad. We have between 6 and 7 million bank accounts in hard currency and there are no problems for the Algerian funds abroad”.

According to the statements that were made by the national radio, Benkhalfa said; “Among the most important measures that are taken in the context of the last supplementary finance bill, there is the introduction of clean money in transparent channels, process which is interesting for the banks, by encouraging citizens to invest their funds that are hidden in their homes, in economic projects in accordance with simplified conditions and administrative transactions, noting that the owners of these funds will benefit from tax exemptions and the dropping of any rebounds on their money once they are introduced to the banks, stressing that there is no increase in tax pressure.