Grievous penalty awaits people who store money out of banks, says minister

Algeria’s finance minister Abderrahmane Benkhalfa Sunday said businessmen must not store money and should deposit it at banks.

He quoted a verse of the Quran, saying “And there are those who bury gold and silver and spend it not in the way of God: announce unto them a most grievous penalty.”

He believes that banks money will help to end dependency on hydrocarbons within the next few years.

“Importing has reached an unbearable level. There is a need for economic investment instead of governmental investment,” the minister said in a meeting in Oran.

Speaking about electricity, fuel and gas price raise, the minister said 2016 will be a difficult year and will be overcome by finding alternative solutions.

“Yet, it is a promising phase. Alternative solutions will put Algeria on the growth line and will enable to build developing economy free of hydrocarbons,” he added.

He also said the 2016 Financial Act aims at replacing oil resources by non oil resources in the next few years.