Algerian Bank Governor dismisses top manager over hard currency transfers

The Governor of the Algerian Bank Mohammed Lekssaci has dismissed the Director General of the Monetary Operations Ouali Brahiti in the event of a series of criticisms over the transfer of hard currency abroad from national and foreign operators over the last few years.

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• These economic operators have transferred hard currency abroad under cover of financing commercial operations or transferring the benefits of the foreign companies based in Algeria, including the oil companies operating in the country.
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• The Governor’s decision came after being harshly criticized by several parties including the Algerian president who blamed him for not curbing the transfer of funds overseas. The total coast of imports has reached $ 40 billions over the last two years.
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• Several economic experts have vehemently criticized the government’s lethargy against this situation considering it as a way to launder money and transfer huge sums of money from economic operators
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• The economic expert Noureddine Leghlill has indicated that all the figures and economic forecast issued by the government confirm that the rising bill of the imports over the last few years is meanly due to illicit money transfers abroad.  
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• He went on saying that the economic operators use a genius stratagem to transfer money abroad which consists in inflating the bills of the imported goods or creating screen companies in tax heaven countries.