Foreign currency “empire” in Algeria will collapse soon

The Algeria Bank’s governor Mohamed Lakssassi Wednesday said advantages will be offered to official exchange offices as part of measures stipulated in a new decree.

The decree is a way to attract black market exchangers to go for legitimate offices and encourage them to stop informal activities.

“The Algeria Bank is on the way to find a new system to set up exchange offices,” he told Parliament.

He added that 46 requests were submitted to open an exchange office. Six of them were accredited, 13 were withdrawn and 27 were banned.

He believes that exchange offices opening is difficult and exchangers are not ready for legal accreditations.

He said the decree will end the black exchange areas “empire” gradually, asking one question: “will the procedure attract people not living in Algeria as tourism is weak in our country?”