Bank of Algeria to approve ban cards use obligation

The Bank of Algeria plans to approve the obligation of using certified checks and bank cards in commercial and real-estate transactions. A series of meetings is due to be held with its subsidies and businessmen in the next few days to talk about certified checks and bank cards positive aspect, Echorouk has learnt.

Governor of the Bank of Algeria Mohamed Laksaci showed dissatisfaction over the failure of banking payment and transfer system as it did not attract people. “Because of that, the banking system in Algeria did not reach the level of some Arab countries,” he said in an annual report.

Cash trading in Algeria improved in 2012 and during the first trimester of the current year.  New payment tools did not lead to a positive reaction but to 10 percent after 7 years since they were adopted, according to the same report.

Laksaci ordered officials of bank subsidies to work on showing the positive aspects of new payment systems.

The report said the value of paper currency at the Bank of Algeria subsidies reached more than 19600 billion centimes on Tuesday. That enabled to cover 36 days of demand on the national level.