Algeria: Old Banknotes issued in the 1980s to be withdrawn starting from December 31 2014

The Bank of Algeria announced Wednesday in a press release that the old Banknotes dating back to the 1980s during late Chadli Bendjedid’s presidency would be pulled out of circulation starting from December 31st 2014.

This concerns banknotes respectively, of 200 DA type (1983), 100 DA type (1981) and (1982), 20DA type (1983) and 10 DA type (1983), according to the Central Bank which explains that this withdrawal is geared to ensuring the  improvement and rejuvenation of the banknotes in circulation in Algeria.

The holders of these former banknotes will be able to perform all their normal transactions including purchases of goods and services… until December 31, 2014.

They will also be able to exchange them, without limitation of amount, at  all banks until December 31, 2014.

The Bank of Algeria also indicates that the public will have the faculty to exchange without particular formalities, the withdrawn banknotes for a period of ten (10) years as of 1January 2015 until 31^st of  December 2024 and, exclusively from the counters of the Bank of Algeria through its wide network of subsidiaries  in all wilayas or provinces of the country.

Furthermore, the Bank of Algeria  underlined that these old banknotes had been largely replaced by the

putting into circulation of brand-new banknotes and coins, notably by  banknotes of the 90s  type of 200 DA and coins of 200  DA, 100 DA, 50 DA, 20 DA and 10 DA.

In a statement to Echorouk, senior economic expert  Abdelmalek Serrai hailed the move by the Bank of Algeria to stamp out the former banknotes as billions of dinars of these old banknotes are now being hoarded by the local financial mafia and money barons, he asserted.