Reasons behind dismissal of governor of the Bank of Algeria

Algerian President Abdelaziz Bouteflika dismissed the governor of the Bank of Algeria Mohamed Laksassi after more than 20 years of being at its head. This is happening as Algeria faces a bad financial situation due to the decrease of oil incomes and dinar value as well as the absence of a safe banking system.

Echorouk has learnt that Laksassi was dismissed because he failed in establishing a banking system through a monetary policy. 

Delays were reported in the preparation of financial reports by the Bank of Algeria along with four unsolved issues, currency smuggling and money embezzlement.

According to the same sources, the Bank has not released profit margins of exchange offices although declarations were submitted in 2014.