“6 Billion Dollars”… the amount in hard currency possessed by Algerians based in Europe!

The Bank of Algeria is currently engaged in negotiations with the parties concerned with the aim of ensuring the creation of a Bank for the benefit of the Algerian Diaspora abroad, to be based in France, in expectation of the generalization of such banking institutions in all European countries, where there’s a maximum concentration of the Algerian community members settled overseas.

This projected section in France will be opened by the External Bank of Algeria as part of the authorities’ efforts to allow Algerian migrants living there to deposit and to withdraw their savings in all safety.

This salutary move has been updated after held in limbo for several years owing to a number of untoward factors notably related to a lack of will and lingering red-tape.

According to reliable banking data, around six billion Dollars are possessed by Algerians living in various parts of Europe.

The Government is hoping to redirect this sizable financial package to official banks instead of its damaging influx into the black market in a bid to boost state earnings and to give a new impetus to the flagging national economy which has been severely affected by the marked decline in world oil prices.