One million Algerians possess accounts in French and Moroccan Banks

This was revealed MP, Samir Chaâbna, representative of the Algerian community settled abroad.

He added that these Algerians residing abroad, especially traders, have two or more accounts in the Banks at a time when the Bank of Algeria is dragging its feet to give the green light to Algerian banks to open subsidiaries overseas.

Yet the regulations of this so-called “Community Bank” have existed since 2012 which will hopefully contribute, if this plan was to materialize, in injecting billions in foreign currencies on the part of our bi-nationals annually in the state coffers instead of depositing them in foreign banks, at a time when Algeria really needs foreign currency revenues, following the scathing oil price slump.

Mr Samir Chaâbna further explained that Finance Minister Abderrahmane Benkhalfa, promised to take in charge this lingering problem that costs a lot of money to the Public Treasury, because some members of the national community settled overseas are compelled to transfer their hoarded money illegally to Algeria, owing to the lack of official foreign exchange channels.