Algeria freezes precious metals import

Algerian government froze all importing processes of precious metals except iron as part of new measures meant to end the staggering losses incurred by Sonelgaz and Algérie Telecom, Echorouk learnt from officials.

• The government’s decision came upon reports on serious breaches and figures showing big losses to the public treasury.
• According to reports, the losses are estimated at $200 million per year.
• Two years ago, the government decided to ban precious metals exports but they were later allowed after a set of measures had been taken including specifications loan. However, exporters continued selling out public institutions properties. It is estimated that some 450  km of Algerie Telecoms’ cables are stolen per year. That hindered projects from providing railways with electricity.
• Some exporters used fake certificates to export precious metals declaring them as copper samples.
• Algeria’s public treasury has lost more than 3,000 billion centimes since 1999 due to metals importing scandals.