Who is pressurizing the Algeria Bank Governor?

Well founded rumors are circulating these days concerning the resignation of the Governor of the Algeria Bank M Lakssasi.

• In a context driven by the evolution of the national banking sector, these rumors surface at a crucial period in the banking activity, in the sense that all the banks are scrutinized by the Algerian bank in the eve of a “crucial” date for the private banks summoned to boost their turnover before December23.
• One has to bear in mind, as our sources have explained to us, that on account of the impossibility to meet the requirements by these banks before the deadline, and the improbability of a having a delay, only a major and an unexpected event could turn upside down the situation and enable an extension of the delays.
• This unexpected event would be precisely the departure of the first monetary authority who is the governor of the Algerian Bank M Laksaci. A well wrought scheme to justify another delay and enable the banks to avoid any infringement of the rules.
• This is one of the reasons, according to some experts, that could explain the coming into surface the rumors which insist on the departure of the Algerian Bank Governor. A departure that would mean a breath or even a salvation for the private banks that failed to fulfil the requirements.
• Another reason lies in the fact that the Algerian bank has lodged complaints against several major private banks operating in Algeria which, according to the monetary authorities, have infringed the regulations in terms of monetary exchange.
• Among these banks, several European and US institutions were severely “punished”  and had to pay fines estimated at around $ 2 billion, according to our sources.