Algerian president orders new requirements for foreign banks

The Algerian president asked the finance minister to reconsider the conditions for foreign banks to operate in Algeria and elaborate new series of requirements which set standards for banks which express their desire to invest on the Algerian market.

• One of these conditions should force these banks to devote a large part of their capital to finance projects instead of limiting to credits to finance the selling of cars for individuals.
• The president declared “We are not against foreign and private banks, but they have to comply with the international standards…. We will respect the international standards in the transactions with our foreign partners, but they have to respect the country’s interests” .
• The president asked his finance minister to think about a strategy to reinvest the country’s money surplus to create wealth and avoid dilapidation.
• The president said “Some advice us to create a sovereign fund to garner more money from our reserves abroad, but I think that the country is still in need of capitals to develop its economy”.