Bank of Algeria’s regulations hinder Algiers Stock Exchange overseas link-up

The Director General of the Algiers Stock Exchange, Mr Yazid Benmouhoub, pointed Sunday, to the ability of the stock market, under the current economic circumstance, to play an important role in spurring corporate finance and fostering the national economy through steady job creation.

Mr Benmouhoub who was the guest of the morning interview program of the national radio’s first channel, said that the Algiers Stock Exchange’s doors are wide open to all companies without any exclusion, in accordance with the terms of the relevant listing, which includes the need for these companies to publicly issue the results of their profits at least twice a year.

He further stated that the number of shareholders in the five companies that are now active at the level of the Algiers Stock Exchange beyond the thousands, adding that the national stock market’s capital moved from 15 billion dinars to more than 45 billion dinars, admitting however that the turnover remains rather low.

He also asserted that the a lowest price to buy one share of the stock market is estimated at 365 centimes adding that anyone can apply to banks which will serve as mediators in the financial markets.

Regarding the extent of the contribution of this ambitious program which is also meant to link up the Algiers Stock Exchange with the global Stock Exchanges operating abroad, Mr Benmouhoub said that this pertains to the overhauling of the legislative side by paving the way for foreign economic operators  willing to invest in the national Stock Exchange but this contingency is currently not possible, because the Bank of Algeria has not issued a  instruction permit to this effect, and this is a big hurdle, as he put it.

On the other hand, the Director-General of the Algiers Stock Exchange revealed that his financial institution would embark in the coming weeks upon the signature of a contract for the acquisition of a brand-new electronic program that allows for continuous trading for major values involving a larger number of companies.