Changing National Currency Will Enter Black Market Money Into Banks Within 24 Hours!

A member of the Finance and Budget Commission of the National People’s Assembly, Ahmed Zaghdar, called on the government for a bold political decision regarding changing the national currency, a step that can pump informal market funds within 24 hours into official channels, similar to the decision adopted by Mauritania before, stressing the “Algerian dinar” has witnessed a deterioration and the decision to change the currency would return him to the interface and absorb the funds in the black market”.

Zaghdar praised the decisions taken by the President of the Republic, Abdelmadjid Tebboune, regarding the re-launch of the Islamic banking that would deeply revive the economic sector and contribute to the return of many of the capitals to banks, indicating that it was the best decision adopted at the financial level, but in return he urged for other courageous decisions that would inject informal market funds that the President of the Republic estimated in his latest media statement at between 6 and 8 billion dinars.

Zaghdar asserted in a statement to “Echorouk” that at the top of these decisions is to change the national currency, which is a procedure that must be prepared in secret by containing all the sleeper money on the black market and bringing it to the official market and thereby recovering all the money found outside the banks in the hands of individuals, groups, and institutions, and then announcing the change of currency in an Official way, which will prevent the presence of one dinar outside the regular market, and will allow the government to know the reality of the size of the funds in its hands away from black market estimates, which remain inaccurate numbers given that they are in an informal framework.

• On the other hand, Zaghdar announced his satisfaction with the decisions taken by the President of the Republic Abdelmadjid Tebboune in the last cabinet when he announced the reduction of the running budget, which is not usually consumed by all, and the budget for supply, which according to him will contribute to solving the crisis, even in a proportional manner and managing new sources of funding, and also by expelling all foreign expertise offices and studies offices, stressing that Algeria will rely only on Algerian contractors and expertise and does not need these offices that consume 12 billion dollars annually.

He further stated that the bill for importing services that was estimated at 12 billion dollars earlier is expected to not exceed this year for one billion dollars, saying: “This year the import bill has shrunk in an unprecedented way”.

• In this line, Iran has shifted to the option of changing its national currency to confront the economic crisis and announced this officially yesterday, as Iranian official media confirmed that the Iranian parliament had approved a draft law allowing the government to delete four zeros from the riyal, after a sharp decline in the value of the currency because of the US sanctions, and under the project, Iran’s national currency will change from one riyal to a toman, which equals 10,000 riyals.