Consumer loans deferred to September

Banking and financial institutions in Algeria did not receive until now a centralized risks’ document, which is a key condition for the approval of the return of the consumer loan, which was already announced by the Trade Minister, Amara Ben Younes, who vowed to re-launch it on June, which may delay the re-launch of this loan that millions of Algerians awaits for it to September, Chairman of Banks Associations and Financial Institutions, Boualem Djebar, told Echorouk.

“It’s not about statements of ministers nor the government’s promises, but it is linked to the centrality of the risks that were delayed and banks did not received any instruction at this level, which could delay the re-launch of this loan, on the date of the statement of Ben Younes. Consumer loan would be applied, during the second half of the current year, and may be delayed to next September because of the non readiness of the centralized risks.”

“Everything is ready for the launch of the loans and the only obstacle that still stands in the face of the banks is the file of that the centralized risk. These loans will come into service from the beginning of the second four months of 2015, and will not be delayed to next year.”

Official Gazette recently published an Executive Decree on the conditions and modalities for families on consumer loan that is oriented for the locally produced goods in the framework of the revitalization of the national economy, as text explained that the provisions of this law is applied on the loans that are granted to the properties which duration, exceeds more than three months and did not exceed sixty months.

Previously, Trade Minister, Amara Ben Younes, said that the consumer loans will be applied on the next of Ramadan, and reassured the Algerians that consumer loans will not be delayed this time, and that millions of Algerians who have awaited it for many years will enjoy it.