Algeria: 900,000 billion centimes out of banks

Chief of the Algerian Economic Club Abdelkader Semari Thursday said Algeria has more than 900,000 billion centimes out of banks.

Semari told a national radio channel businessmen have that money but they refuse to deal with traditional banks. “Algeria loses almost $500 million annually in international arbitration.”

He believes that there are two main reasons for this situation. There is no international, commercial and economic arbitration institutions in Algeria. “The Economic Club supports Algerian experts to open international arbitration centres.”

The second reason, according to Semari, is that Algerian businessmen are not acknowledgeable about national and international laws. “Only 5 percent of active adherents in the economic field,” he said.

Speaking about the Economic Club’s achievements, Semari mentioned a partnership contract between Algeria and Italy in agriculture and industry. The Club also encourages sub-contracting to develop enterprises instead of importing.

The Club also deals with experts and researchers to reform the financial and banking system by introducing changes including Islamic systems. Reforms also touch the industrial and agricultural environment.