Algerians are panicked as 100 hours left before 2017

A large number of Algerians have rushed to retailers, gas stations and passport departments ahead of price raise stipulated by the Financial Act 2017. The law is expected to be signed by President Abdelaziz Bouetflika in the next few days.

Although the Financial Act stipulates to increase VAT by 2 percent only, a number of traders surprised clients by 20 percent price increase. 

Acording to former minister of Statistics Bachir Msitpha, consumption products price went up by 20 percent. “There is no reason for this increase. Retailers are responsible for that. The expected raise of VAT in the Financial Act 2017 will not lead to a high price rise. It will not exceed 5 percent,” he said.

“The commerce ministry does not have necessary mechanisms to impose surveillance. Because of that, inspection operation will last for 90 days. Black markets are behind price anarchy,” he added.