Algerian Government defines Six months to stop dealing with Cash in trade operations
Government returned, after three years, to revive the frozen Executive Decree, after the oil and sugar events, and the compulsory adoption of modern payment that is accredited by banks and financial institutions, in all selling or buying operations that are belonging to the new cars, furniture, equipment and valuable staff worth more than 100 million centimes for cars and 500 million centimes for the value of the property.
It will strictly prevent accordingly dealing in cash between people and institutions if the value of the business operations will exceed the relevant financial sum, and this by the beginning of July 2015.
Government has recently approved the Executive Decree concerning the adoption of modern means of payment in a number of trade transactions, and there is nothing left of the legal decree to enter into application, only after being issued in the Official Gazette, as it seems that the General Secretariat of Government has enough time for ordering it, after the Prime Minister, Abdelmalek Sellal, gave the concerned a date until next July, to start the application of the executive decree’s contents, in a step to prepare the ground for the application of the legislative text, and avoid similar reactions to those of January 2011, when “interest groups” shook the street – on the accusations of the Government itself – in events that have the naming of oil and sugar events.
Government applied the prior control of money movement
Finance Ministry, during the revision of the decree on controlling money movement, adopted a set of reference elements in the determination of the level of dealing with the payment means and dealing with liquidity, including the level of operations, which are conducted with Cash, due to the widening of cash operations.
In addition to the indicator on the payable amounts of money by check in the contributory payment, as it can rely on the payable amounts by using the cash.
The decree includes a clear way to ensure the list of means of payment that replace payment with cash, as it comes to the instrument and switching, payment with the credit card, and all other means of written payment.
In this context, the public administrations and public institutions that conduct public services, public and private dealers should accept he settlement of exchanges, bills and debt payment by using written means, in application of the executive decree, which imposes prior and secret control of capitals’ movement.