Trade minister announces authorities’ decision to impose cheques in finacial transactions

The trade minister Mustapha Ben Bada considers the decision to prevent the private operators to invest abroad a mistake that the Algerian authorities intend to remedy, denying the allegations that the Algerian government will retract from the use of cheques in the trade transactions that exceed 500 thousand Algerian Dinars in the wake of the troubles that broke out in January 2011.

• Talking yesterday at the “ forum” of the French newspaper “Liberte”, Ben Bada has indicated that the Algerian authorities will assist the Algerian private operators like the CEO of the group “Cevital”, Isaad Rebrab who intends to produce rice and Cacao in the West- African country Cote d’Ivoire.

• The minister has asserted that this is one of the solutions to assure other financial incomes to Algeria outside the hydrocarbons sector to offset loses in case of the slump of the prices on the markets.

• M Ben Bada has further indicated that the government is resilient to oblige the operators to use cheques in their transactions that exceed 500 Thousand Dinars “ The government will not step back and will apply this necessary procedure”.

• However, he hinted to the possibility to spare the operators the payment of extra taxes prior to the enactment of the new procedure and will only pay the taxes after the enforcement of the decree.