REGULATIONS 2009 - Bank Of Algeria

REGULATIONS
2009
REGULATION 09-01 OF FEBRUARY 17TH, 2009 RELATING TO
FOREIGN CURRENCY ACCOUNTS OF RESIDENT OR NON
RESIDENT NATURAL PERSONS AND OF NON RESIDENT LEGAL
ENTITIES
The Governor of the Bank of Algeria,
Whereas Order 96-22 of Safar 23rd, 1417, corresponding to July 09th, 1996, as
amended and completed and relating to repressive measures applicable to the
infringement of the law and foreign exchange regulations and capital movement
from and toward external countries.
Whereas Order 03-11 of Joumada Ethania 27th, 1424 corresponding to August
26th, 2003 relating to Money and Credit, namely to its article 62, paragraph m,
Whereas Order 05-01 of Dhou El Hidja 1425 corresponding to February 06th,
2005 relating to the prevention and fight against money laundering and
financing of terrorism.
Whereas Law 06-01 of Moharram 21rst, 1427 corresponding to February 20th,
relating to prevention and fight against bribery,
Whereas the presidential Decree of Rabie EL Aouel 10th, 1422 corresponding to
June 2nd, relating to the appointment of the members of the Board of Directors
of the Bank of Algeria,
Whereas the Presidential Decree of Dhou Al Quida 24th, 1424 corresponding to
January 14th, 2004, relating to the appointment of the members of the Council of
Money and Credit,
Whereas the Presidential Decree of Djoumada El Aouel, 05th, 1427
corresponding to June 1rst, 2006 relating to the appointment of the ViceGovernor of the Bank of Algeria,
Whereas Regulation 91-02 of February 20th, 1991 setting the terms and
conditions of opening of foreign currency accounts in favour of foreign resident
or non resident natural persons and legal entities,
Whereas Regulation 05-05 of December 15th, 2005 relating to the prevention
and fight against money laundering and financing of terrorism,
Whereas Regulation 07-01 of Moharram 15th, 1428 corresponding to February
03rd, 2007 relating to the rules applicable to current external transactions and
foreign currency accounts,
Whereas the Resolution of the Council of Money and Credit of February 17th,
2009,
Promulgates the regulation the content of which follows:
Article 1: Resident or non resident foreign legal entities shall be authorized to
open with an authorized intermediary bank a foreign currency account
denominated in a freely convertible foreign currency.
Article 2: We understand by foreign currency any freely convertible foreign
currency which is regularly quoted by the Bank of Algeria.
Article 3: Natural persons or legal entities shall not be concerned by the
application of this regulation and shall by no means submit a debit balance.
Article 4: Foreign currency accounts opened on behalf of the persons referred
to in article 1 above, shall be operating with credit accounts exclusively, and
shall by no means submit a debit balance.
Article 5: Foreign currency accounts of the persons referred to in article 1
above can be credited with any amount representing:
 a transfer from abroad
 a transfer from a foreign currency account or from a CEDAC
account opened with a bank under the Algerian law,
 the counter-value of any amount in dinars of its deposit or of its
transfer which is conforming to all the terms and conditions
required for its transfer, as prescribed by the foreign exchange
regulations in force, at the date of its deposit or of its transfer.
 a deposit of freely convertible bank notes subject to the submission
– to the authorized intermediate bank- of the original declaration
of imports of foreign currencies duly signed by the customs
clearance services, when entering the national territory.
Article 6: Within the limits of the balance available in their foreign currency
accounts, the account holders shall be authorized to order any withdrawal to:
 make any transfer abroad
 credit any foreign currency account or any CEDAC account opened
with a bank under the Algeria law
 withdraw external means of payment in view of their tangible
exportation
 proceed with a withdrawal or transfer in dinars for any payment in
Algeria.
Article 7: Foreign currency accounts shall be remunerated for amounts which
are subject to term investment of 3 months or over.
Article 8: The validity of such foreign currency account shall be limited.
However, the account holder may at any time request his paying bank to close
his account. The latter shall, according to his clients’ convenience, earmark the
balance to any debit transaction authorized by this regulation.
Article 9: As regards any suspicious transaction –the authorized intermediary
shall be compelled to declare it in accordance with the legal and regulatory
provisions applicable for the fight against the money laundering and financing
of the terrorism.
Article 10: the provisions of Regulation N° 91-02 of February 20th, 1991,
setting the terms and conditions of opening and operation of foreign currency
accounts in favour of resident and non resident foreign natural persons and legal
entities and those contrary to the present regulation shall be repealed.
Article 11: An instruction from the Bank of Algeria shall state precisely the
practical terms and conditions of opening, keeping and movement of foreign
currency accounts subject of this regulation.
Article 12: This regulation shall be published in the “Journal Officiel” of the
People’s Democratic Republic of Algeria.
The Governor
Mohammed Laksaci
REGULATION 09-02 OF MAY 26TH, RELATING TO MONETARY
POLICY OPERATIONS, INSTRUMENTS AND PROCEDURES
The Governor of the Bank of Algeria,
Whereas Order 75-59 of September 26th, 1975, as amended and completed
relating to the Commercial Code,
Whereas Order 03-11 of Joumada Ethania 27th, 1424 corresponding to August
26th, 2003 relating to Money and Credit, namely its articles 41 through 45 and
62 , paragraphs b and c,
Whereas the Presidential Decree of Rabie El Aouel 10th, 1422 corresponding to
June 2nd, 2001 relating to the appointment of the Governor and Vice-Governors
of the Bank of Algeria,
Whereas the Presidential Decree of Rabie El Aouel 10th, 1422 corresponding to
June 2nd, 2001 relating to the appointment of the members of the Board of
Directors of the Bank of Algeria,
Whereas the Presidential Decree of Chaâbane 26th, 1423 corresponding to
November 2nd, 2002 relating to the appointment of a member of the Board of
Directors of the Bank of Algeria,
Whereas the Presidential Decree of Dhou El Kaada 1424 24th, corresponding to
June 14th, 2006 relating to the appointment of the members of the Coucil of
Money and Credit of the Bank of Algeria,
Whereas the Presidential Decree of Joumada El Oula 5th, 1427 corresponding to
June 1rst, 2006 relating to the appointment of a Vice-Governor of the Bank of
Algeria,
Whereas Regulation 91-08 of August 14th, 1991, relating to the organization of
the Monetary market,
Whereas Regulation 2000-01 of Dhou El Kaada 8th, corresponding to February
13th, 2000 relating to rediscount and credit transactions with banks and financial
institutions,
Whereas Regulation 04-02 of Moharram 1425 corresponding to March 4th, 2004
setting the terms and conditions of the required minimum stockpiling,
Whereas Regulation 05-04 of Ramadhan 10th, 1426 corresponding to October
13th, 2005 relating to the Real Time Gross Settlement System of urgent and large
payments,
Whereas Regulation 05-07 of Dhou El Kaada 26th, 1426, corresponding to
December 28th, 2005 relating to the payment system security,
Whereas the resolutions of the Council of Money and Credit of May 26th, 2009,
Promulgates the Regulation the content of which follows:
Article 1: The object of this Regulation is to define the application procedures
and instruments relating to monetary policy transactions in accordance with the
provisions of articles 41 through 45 and 62 of Order 03-11 of Joumada Ethania
1424 corresponding to August 26th, 2003 relating to Money and Credit,
I - Counterparts to monetary policy operations
Article 2: The following banks may be considered as counterparts to the
monetary policy operations of the bank of Algeria if:
 they are obliged to provide the minimum reserve requirement
 their financial situation does not entail any reserve on the part of the Bank
Commission,
 they are not excluded from the Real Time Gross Settlement System for
large amounts and urgent payments (ARTS) or from the security delivery
system,
 their access to the monetary policy operations is not suspended
Article 3: Banks are subject to sanctions if they do not respect the obligations
of the counterparts in case of participation to the monetary policy operations
through invitations to tender or through bilateral transactions which have not
been completed by the delivery of the required encashable commercial papers as
collateral or cash to be settled in case of liquidities recovery. Banks shall also
be subject to sanctions for use of the marginal lending facility in a settlement
account in debit at the closing time, whilst the conditions for access to the
facility have not been fulfilled.
There are two types of sanctions:
Financial compensations calculated at a predetermined rate by the bank
commission
Non financial sanctions as a suspension – decided by the Bank of Algeria - of
the access of the counterpart to all or part of the open market operations.
Article 4: Should a judgement be opened for a bankruptcy procedure, the
monetary policies operations carried out by the Bank of Algeria with such
failing party shall ipso jure be terminated without prior notification.
The monetary policy operations carried out by the Bank of Algeria with
counterparts, subject to other failing cases in the sense of this regulation,
namely:
 a judgement for opening a judicial settlement procedure
 a suspension of payments verified by the bank commission
 a written declaration from the counterpart stating its incapacity to fulfil
one of its obligations connected with the monetary policy operations
 a suspension or exclusion of the counterpart from participation to the
ARTS system or to the system of commercial papers delivery ?
 non- respect of one obligation to provide information provided for
under the monetary policy operations.
The following shall ipso jure be terminated further to a notification
transmitted to the concerned party.
II. Commercial papers eligible for the monetary policy operations.
Article 5: The commercial papers accepted by the Bank of Algeria as a
collateral for monetary policy operations in the form of a reverse transaction or
outright transaction shall be public or private commercial papers eligible for
rediscount or advance payments. Those are the papers that are negotiable
around the market, that is to say, government papers issued or guaranteed by the
State and private negotiable papers and papers which are not negotiable around
any market and which represent allocated credits.
Article 6: Government papers issued or guaranteed by the State, negotiable
around any market, and eligible for the monetary policy operations shall be:
 Short-term treasury bills
 Assimilated treasury bills
 Treasury assimilated obligations and Government papers guaranteed by
the state
The total amount of the transactions underway over Government papers shall be
set according to the monetary policy objectives.
Article 7: The negotiable private commercial papers shall be short-term papers
negotiable over the market and the obligations which have an unconditional and
fixed principal amount and a fixed rate coupon. They shall represent a high
level degree quality with respect to their signature (company’s qualities,
guarantees submitted payable at the first demand, etc..) and be denominated in
Dinars.
Non negotiable private papers, admissible for temporary reverse transaction in
the monetary policy operations with a maturity date exceeding that of the
reverse transaction are:
 Commercial papers representing commercial transactions within Algeria
or abroad, bearing the signature of at least three solvent natural or legal
entities including the assignor’s signature. One of the signatures may be
replaced by collaterals such as warrants, goods receipts or original bills of
lading of goods exported abroad with usual relevant documents.
 Commercial papers representing treasury credits or seasonal credits
bearing the signature of at least two solvent natural or legal entities.
 Medium-term credit financing papers granted to non financial companies
favourably quoted by the Bank of Algeria and bearing the signature of at
least three solvent natural or legal entities one of which may be replaced
by the State guarantee.
Article 8: Maturities, liquidities degrees and any other standards relating to the
papers admissible to the monetary policy operations shall periodically be set by
the Council of Money and Credit in accordance with the provisions of article 62,
paragraph b) of Order N° 03-11 of Joumada Enthania 27th, 1424 corresponding
to August 26th, 2003, mentioned above.
Article 9: In order to determine the value of the eligible public and private
commercial papers under reverse transactions, the following principles shall be
applicable:
 For any eligible commercial paper such as a commercial paper negotiated
around the market, the information source for the paper price considered
shall be that of the market price,
 For each market, (monetary market, Treasury market securities, financial
market) the most representative price shall be that used for the calculation
of the market securities. The negotiable paper value shall be calculated
on the basis of the most representative rate recorded on the day preceding
the pricing operation.
 Should a representative price be failing, for any given paper, on the day
preceding the pricing date, le last transaction rate recorded shall be
considered. If no transaction rate is available, the Bank of Algeria shall
determine a rate on the basis of the last rate known for the paper
concerned.
 As regards private papers which are not negotiable but which meet the
eligibility criteria, their par value shall apply.
The market value of any proof of debt shall include the accrued interests.
III. Monetary policy instruments
Article 10: In order to achieve the monetary policy targets, set by the Council of
Money and Credit, at the beginning of each financial year, the Bank of Algeria
shall have available the following monetary policy instruments :




Credit and rediscount transactions
minimum reserve requirement
open market operations
standing facilities
Article 11: Credit and rediscount transactions and the minimum reserve
requirement shall be defined by specific regulations. Open market operations
and permanent facilities shall be regulated by this regulation.
Article 12: According to the provisions of article 62 of Order N° 03-11 of
Joumada Ethania 27th, 1424, corresponding to August 26th, 2003, mentioned
above, the Council of Money and Credit shall each year, decide on the monetary
instrumentation to be effectively used for monetary policy operations.
Article 13: Open market operations around the monetary market shall be
carried out further to the initiative of the Bank of Algeria which also decides on
a fixed or variable rate to be applicable for such transactions. Open market
operations may have seven (07) maturity days (standard weekly transactions)
up to twelve (12) months (longer-term refinancing operations)
Article 14: Instruments which may be used under open market operations can
be divided into three categories:
 reverse transactions
 Transactions called (outright
government papers)
 Blank liquidities recovery
transactions) (purchase and sale of
Article 15: Reverse transactions are transactions by which the Bank of Algeria
shall:
 Repurchase eligible papers
 Grants loans guaranteed by assignments of private commercial papers
(eligible private debts)
Repurchase transactions shall be regulated by type agreements signed by the
Bank of Algeria and other banks.
Article 16:
Government and private papers materially created shall be
considered as delivered is at the repurchase time, they are effectively and
physically delivered to the assignee. Promissory notes shall be subject to a prior
endorsement in compliance with the provisions of the commercial code.
Government and private papers admissible to rediscount or to phasing out
advance payments and those materially created, kept by the central agent or at
the Bank of Algeria or circulating through account transfer, shall be considered
as delivered if they are subject to a reverse repurchase transaction of any entry
in an open account on behalf of the transferee at the central depositor or at the
Bank of Algeria.
Article 17: In accordance with the restrictions and terms and conditions of
intervention set by the Council of Money and Credit, the Bank of Algeria shall
intervene on the monetary market through invitations to tender and/or trough
exceptional bilateral transactions.
Article 18: Interest terms relating to reverse transactions shall be as follows:
 buyback price of commercial papers under guarantee shall include the
interests due at the maturity date of the transaction
 The interests on a provisional assignment transaction in the form of loan
guaranteed by a transfer of debts shall be determined by the simple
interest rate applicable to the amount of the simple interest grant on the
basis of the calculation principle “ precise number of days /360”
Article 19: The commercial papers reverse transaction shall be used for the
following monetary policy operations:




Main refinancing operation
longer term refinancing operation
Fine tuning operations
Structural operations
Article 20: The main refinancing operations shall play a key role in the leading
of the interest rate and management of bank liquidities. Liquidities injection
transactions shall have a frequency and weekly maturity with a pre-established
calendar. They shall be the main refinancing channel of the banking sector.
They shall be made through standard invitations to tender and are addressed to
all the banks meeting the eligibility criteria defined in article 2 above.
Article 21: longer term refinancing operations up to twelve months , shall be
liquidities injection operations which shall be carried out on a regular basis.
They shall be aiming at providing an additional refinancing. They shall be
carried out through standard invitations to tender at a variable rate in general,
but they might also be carried out through invitations to tender at a fixed rate.
They shall have a monthly frequency according to a pre-established calendar.
All banks meeting the eligibility criteria may contribute.
Article 22: Fine tuning reverse transactions shall aim at managing the liquidity
situation over the market and leading the interest rate to reduce the impact of
unexpected fluctuations. Such might be liquidity contribution or withdrawal
transactions. The frequency and maturity of such transactions shall not be
standardized. Participation in fine tuning transactions shall be reserved to a
limited number of banks selected by the Bank of Algeria for this purpose.
The fine tuning liquidities injections shall be carried out in the form of reverse
transactions through rapid invitations to tender excepting any resorts to bilateral
procedures. Withdrawals of fine tuning liquidities in the form of reverse
transactions shall be carried out with occasional exception, through bilateral
procedures. All the commercial papers indicated in section II of this regulation
may be subject to fine tuning reverse transactions.
Article 23:
Structural reverse transactions shall be liquidity injection
transactions with a frequency which might be regular or irregular and with
undetermined assignment duration. They shall be carried out through standard
invitations to tender. All banks may contribute to such.
Article 24: Transactions called “outright transactions” shall be transactions by
which the Bank of Algeria proceeds with “firm “sales or purchases “ of eligible
papers. Such transactions shall be carried out only for structural and/or under
fine tuning transactions. These transactions may take the form of liquidities
injection (“firm sale”) or liquidities withdrawal (“firm” sale). The frequency of
such transactions shall not be standardized. These shall be carried out through
invitations to tender or bilateral transactions. The assignment maturity may be
standardized.
Article 25: As part of the bank liquidity fine tuning, banks may be invited by
the Bank of Algeria to invest liquidities as deposits at the Bank of Algeria
through invitations to tender. Such shall be recoveries of “blank” liquidities
“These liquidities shall have a fixed maturity which has not been standardized.
No guarantee has been given in exchange of the deposited funds. The interest
paid on these deposits shall be calculated according the principle “Correct
number of days/360”. The deposit shall be paid to the counterpart at the deposit
maturity date. The frequency of such transactions shall not be standardized.
These transactions shall be carried out through invitations to tender unless a
resort to exceptional procedures has been made.
Participation in these transactions shall be reserved to all banks meeting the
eligibility criteria.
III.2 Standing Facilities
Standing facilities shall be intended to withdraw/ or provide banks with
liquidities. These transactions shall be carried out upon the initiative of banks in
the form of:
 Marginal lending facility
 Remunerated deposits facilities
Article 27: The marginal lending facility shall be a transaction allowing any
bank to obtain from the Bank of Algeria, against a submission of eligible papers,
a 24 hour liquidities at a predefined rate. Liquidities flow under the marginal
lending facility shall be carried out by 24 hour repurchase agreements
concerning eligible negotiable government papers and/or eligible private papers.
Article 28: Any bank meeting the eligibility criteria as defined in article 2
above may, at any time, have access to the marginal lending facility upon
request to the Bank of Algeria during the working days and within thirty (30)
minutes before the closing time of the ARTS payment system.
No limit shall be set to the amounts which might be obtained under the marginal
lending facility if sufficient papers are provided as a guarantee. The lending
granted under such facility shall be reimbursed the following working day, as
soon as the ARTS payment system is opened and possibly, the papers delivery
system is started.
The facility interest lending shall be set by an instruction from the Bank of
Algeria, in reference to the rate of the main refinancing operations increased by
a margin announced in advance.
Article 29: The remunerated deposit facility shall be a 24 hour deposit facility
at the Bank of Algeria. Eligible banks, in accordance with article 2 above, shall
have access to the remunerated deposit facility every working day, upon a
request to the Bank of Algeria. Any request for a remunerated deposit facility
shall be taken into account by the Bank of Algeria within a time limit of thirty
(30) minutes before the closing time of the ARTS system.
24 hour deposits accepted by the Bank of Algeria, shall be remunerated at the
interest rate set by an instruction in reference to the main refinancing
transactions reduced by a margin, and which shall be announced in advance. No
guarantee shall be given to the counterpart.
The cash amount that a counterpart may deposit under the remunerated deposit
facility shall not be limited.
IV. Procedures
Article 30: In view to carry out monetary policy operations, the Bank of
Algeria may proceed with an invitation to tender or through bilateral
transactions. Under invitation to tender, the Bank of Algeria may launch:
 Periodical invitations to tender called “standard invitations to tender”
 Rapid invitations to tender
Auction procedures concerning such invitations to tender shall be similar except
for the chronology and counterparts range.
IV . 1 Invitations to tender procedures
Article 31: Invitations to tender may be carried out either at a fixed rate,
(volume auctions) or at a variable rate (auction of interest rate). In the first case,
the interest rate shall be indicated in advance by the Bank of Algeria. In the
second case, the counterparts’ bids shall be the amounts and interest rates at
which the latter wish to deal. At the end of each invitation to tender transaction,
the counterparts who have been selected shall be served at the requested or at the
weighted average rate of the auction transaction.
Article 32: “standard” invitation to tenders shall be carried out within a 24 hour
deadline, which shall be started at the invitation to tender advertisement and
ended at the notification of the classification result of the offers received. All
banks meeting the eligibility criteria may participate in such invitations to
tender transactions.
Main refinancing operations longer –term refinancing operations and structural
transactions via temporary assignments, shall be made through ordinary
invitations to tender on the basis of a pre-established calendar.
Article 33: “standard” invitations to tender shall be advertised on the working
day preceding the auction day. The content of the advertisement messages shall
be standardized.
The offers presented after the prescribed time indicated in the advertisement
message shall be rejected. Incomplete offers shall also be rejected.
The minimum amount of the tender shall equal 10.000.000 Dinars. Higher
amounts shall be denominated in instalments of 1.000 000 Dinars. The same
amounts shall apply to fine tuning tenders.
In case of variable rate auctions, the counterparts shall be authorized to submit a
maximum number of six (06) tenders relating to different interest rates levels
and with a minimum amount applicable to each interest rate. The interest rates,
subject of the tender, shall be multiples of 0,01 point percentage.
Article 34: Rapid invitations to tender shall be carried out within a two (02)
hour deadline, as from the invitation to tender advertisement. Such shall only
be fine tuning transactions whose invitations to tender have not been carried out
according to a pre-established calendar. Those invitations to tender are meant
for banks selected by the Bank of Algeria to participate in such transactions.
The counterparts who have been selected shall directly be notified by the Bank
of Algeria. The content of rapid invitations to tender messages shall be
standardized.
Article 35: In case of fixed rate invitations to tender, whether for liquidities
contributions or withdrawal, the amounts of the offers shall be added. If the
overall amount of the offer exceeds the total amount of the liquidities which
shall be allotted, the counterpart’s tenders shall be met at the pro rata, on the
basis of the ratio between the amount to be auctioned and that of the global
offer.
Article 36: In case of invitations to tenders for liquidities contributions, at a
variable rate, the tender list shall be established per decreasing order of the
interests rates offered. The highest rate offers shall be met on a priority basis,
less important rates offers shall successively be accepted until the total amount
of the liquidities to be auctioned is used up. If the offers total amount exceeds
the residual amount to be allotted , at the lowest accepted interest rate, such
amount shall be allotted at the pro rata of such offers depending on the ratio
between the residual amount to be allotted and the offer total amount at the a
marginal interest rate.
Article 37: In case of invitations to tenders for recovery at a variable interest
rate, the tender list shall be established per decreasing order of the interests rates
offered.
The lowest interest rate offers shall be accepted on a priority basis and the
highest interest rates shall successively be accepted until the total amount of the
liquidities to be recovered is used up. If the total amount of the offers exceeds
the residual amount to be allotted, at the highest interest rate, such amount shall
be calculated on the pro rata of those offers depending on the ratio between the
residual amount to be allotted and the total amount of the offers at the marginal
interest rate.
Article 38: Bilateral procedures shall be applicable for fine tuning open market
operations (reverse
transactions, blank liquidities recovery, “outright”
transactions) and for structural “outright” transactions.
Bilateral transactions shall include any procedure in which the Bank of Algeria
shall carry out any transaction with one or several counterparts without having
to resort to invitations to tender. Counterparts shall be selected and directly
contacted by the Bank of Algeria.
IV. 2 Settlement Procedures
Article 39: Settlement of funds
The settlement of flow of funds, under the monetary policy operations shall be
carried out in Dinars and through settlement accounts exclusively opened in the
ARTS system and recorded in the books of the Bank of Algeria.
Settlement of flow of funds shall be operated only after any irrevocable paper
transfer deposited as a guarantee. Paper transfer deposited as a guarantee and
managed by the Central depositor shall be carried out through settlement
securities account opened on the books of the latter.
Article 40: The Settlement of open market operations through standard
invitations to tender shall be operated on the first day following the transaction
day. In general, the date of settlement of the main refinancing operations and
those of longer term refinancing operations shall correspond to that of the
reimbursement date of any prior similar oepration.
The settlement of open Market operations through rapid invitations to tender and
bilateral transactions shall be carried out on the same day of the transaction.
Article 41: The flow of funds carried out by the Bank of Algeria, whether for
using the marginal lending facility or for open market transactions for liquidities
contributions, shall be carried out only through the ARTS system.
The Governor
Mohammed LAKSACI
REGULATION 09-03 OF AOUEL JOUMADA ETHANIA 1430
CORRESPONDING TO MAY 26TH2003 RELATING TO THE GENERAL
RULES DEFINING BANK TERMS AND CONDITIONS APPLICABLE
TO BANK TRANSACTIONS
The Governor of the Bank of Algeria,
Whereas Order 03-11 of Joumada Ethania 27th, 1424 corresponding to August
26th, 2003 relating to Money and Credit, namely to its articles 62,64,and 66
through 73.
Whereas the Presidential Decree of Rabie El Aouel 10th, 1422 corresponding to
June 2nd, 20001 relating to the appointment of the Governor and Vice Governors
of the Bank of Algeria,
Whereas the Presidential Decree of Rabie Ell Aouel 10th, 1422 corresponding to
June 2nd, 2001, relating to the appointment of the members of the Board of
Directors of the Bank of Algeria
Whereas the Presidential Decree of Chaâbane 26th, 1423 corresponding to
November 2nd, 2002 relating to the appointment of a member of the Board of
Directors of the Bank of Algeria,
Whereas the Presidential Decree of Dhou El Kaada 24th, 1424 corresponding to
January 14th, 2004 relating to the appointment of the members of the Council l
of Money and Credit of the Bank of Algeria,
Whereas the Presidential Decree of Joumada El Oula 5th, 1427 corresponding to
June 1rst, 2006 relating to the appointment of a vice-governor of the Bank of
Algeria,
Whereas Regulation 94-13 of Dhou El Hidja 1414 corresponding to June 2nd,
1994 setting the general regulations with respect to the terms and conditions
applicable to bank transactions
Whereas the resolutions of the Council of Money and Credit, of May 26th, 2009,
Promulgates the regulation the content of which follows:
Article 1: The object of this regulation is to set the general rules defining the
bank terms and conditions applicable to bank transactions carried out by banks
and financial institutions.
Article 2: The transactions carried out by banks and financial institutions when
dealing with their clients shall be considered as bank transactions as defined by
articles 66 through 69 of the above-mentioned Order 03-11 of Joumada Ethania
27th,1424 corresponding to August 26th, 2003.
Article 3: Banks and financial institutions may propose to their clients specific
bank products. However, in order to ensure a better valuation of the risks
relevant to new products and an instrument harmonization, the marketing of any
new product shall be subject to a prior authorization to be delivered by the Bank
of Algeria.
Article 4: Bank terms and conditions mean remuneration, tariffs, commissions
etc…applicable to bank transactions carried out by banks and financial
institutions.
Article 5: Deposit and debit interest rates as well as commission rates and
levels applicable to bank transactions shall freely be fixed by banks and
financial institutions.
The Bank of Algeria may, however, fix the excessive interest rate. Overall
effective interest rates on the credits granted by banks and financial institutions
shall by no means exceed the excessive interest rate.
Value dates relating to bank transactions shall be regulated. They shall be stated
precisely by an instruction from the Bank of Algeria.
Article 6: Banks and financial institutions shall be compelled to strictly observe
the terms applicable to bank transactions that they have determined within the
excessive interest rate limit fixed by the Bank of Algeria.
Article 7: Banks and financial institutions shall be compelled to notify the
bank terms and conditions that are applicable to their clients and to the public
under the bank transactions that they are carrying out and namely, nominal
interest rates and the overall effective interest rates on such transactions.
Banks shall also inform their clients at the opening of their account, about the
conditions of use of such account, the prices of access to the various services
given by such account and about the mutual commitments of the bank and the
client. These conditions shall be mentioned in the account opening agreement
or in the documents transmitted for this purpose.
Article 8: As regards any account credit transactions, banks shall compulsorily
credit the client account within the time limit corresponding to the regulatory
value date.
Article 9: Any delay in the execution of a bank transaction, beyond the
regulatory value date mentioned above shall result in a remuneration deposited
in the client’s account by the bank or financial institution concerned.
Article 10: The methods of implementation of the provisions of this regulation,
including that of the excessive interest rate, shall be determined by an
instruction from the Bank of Algeria.
Article 11: The provisions of Regulation 94-13 of 22nd Dhou El Hidja 1414
corresponding to June 2nd, 1994 setting the general rules relating to the bank
terms and conditions applicable to bank transactions shall be repealed.
Article 12: This Regulation shall be published in the 3Journal Officiel3 of the
Peoples’ Democratic Republic of Algeria.
The Governor
Mohammed LAKSACI
REGULATION 09-04 OF AOUEL CHAABANE 1430
CORRESPONDING TO JULY 23RD, 2009 RELATING TO THE BANK
ACCOUNTING PLAN AND ACCOUNTING RULES APPLICABLE TO
BANKS AND FINANCIAL INSTITUTIONS
The Governor of the Bank of Algeria,
Whereas Order 03-11 of Joumada Ethania 27th, 1424, corresponding to August
26th, 2003 relating to Money and Credit, namely to its article 62, item j,
Whereas Order 75-59 of September 26th, 1975, as amended and completed,
relating to the Commercial Code,
Whereas Law 91-08 of April 27th, 1991, relating to the profession of chartered
accountant, auditor and certified public accountant,
Whereas Law 07-11 of Dhou El Kaada 1428, corresponding to November 25th,
2007 relating to the financial accounting plan,
Whereas Order 08-02, of Rajab 21st, 1429, corresponding to July 24th, 2008,
relating to the complementary budget Law for 2008, namely, its article 62,
Whereas the Presidential Decree of Rabie El Aouel 10th, 1422 corresponding to
June 2nd, 2001 relating to the appointment of the Governor and Vice-Governors
of the Bank of Algeria,
Whereas the Presidential Decree of 10 Rabie El Ouel 1422 corresponding to
June 2nd, 2001 relating to the appointment of the members of the Board of
Directors of the Bank of Algeria,
Whereas the Presidential Decree of Chaabane 26th, 1423 corresponding to
November 2nd, 2002 relating to the appointment of a member of the Board of
Directors of the Bank of Algeria,
Whereas the Presidential Decree of 24 Dhou El Kaada 1424 corresponding to
June 14th, 2004 relating to the appointment of the members of the Council of
Money and Credit of the Bank of Algeria,
Whereas the Presidential Decree of Joumada El Oual 5th, 1427, corresponding to
June 1st, 2006, relating to the appointment of a Vice Governor of the Bank of
Algeria,
Whereas the Executive Decree 08-156 of Joumada El Oula 1429 corresponding
to May 26th, 2008 relating to the application of the provisions of Law N° 07-11
of Dhou El Kaada 1428 corresponding to November 25th, 2007 relating to the
financial accounting system,
Whereas the Executive Decree 09-110 of Rabie Ethani 11th, 1430 corresponding
to April 07th, 2009 setting the terms and conditions of accounting by means of
computer systems,
Whereas the Order of Rajab 23rd, 1429, corresponding to July 26th, 2008 setting
the evaluation and accounting rules, the content and submission of financial
statements as well as the accounts lists and operational rules,
Whereas Regulation 92-08 of November 17th, 1992 relating to bank accounts
and accounting rules applicable to banks and financial institutions,
Whereas the Resolution of the Council of Money and Credit of July 23rd, 2009,
promulgates the regulation the content of which follows:
Article 1: The object of this regulation is to set the bank accounting plan and
accounting rules applicable to banks and financial institutions hereafter
designated as “ subject institutions”, in the sense of this Regulation, we
understand by “Accounting rules” the accounting principles and evaluation and
accountancy rules
Article 2: Subject institutions shall be compelled to record their transactions in
the accountancy the list of which shall be attached to this regulation in
accordance with the bank accounting plan.
The compliance obligation shall concern the codification, title, and content of
the operations accounts.
Subject institutions shall derogate on a temporary basis, only after obtaining a
special authorization from the Bank of Algeria.
Article 3: Subject institutions shall record their operations according to the
accounting principles defined by law 07-11 of November 25th, 2007 relating to
the financial accounting system and regulatory articles considered for its
application.
Article 4: Evaluation and accounting rules of assets, liabilities, charges and
products shall be those set by the order of July 26th, 2008, mentioned above,
under executive decree 08-156 of May 26th, 2008, relating to the application of
the provisions of Law 07-11 of November 25th, 2007, relating to the financial
accounting system.
Article 5: Certain types of operations, namely foreign currency and securities
operations shall be subject to a particular evaluation and accounting rules
determined by a regulation.
Article 6: Instructions from the Bank of Algeria shall state, if necessary, the
terms of application of this regulation.
Article 7: Any otherwise provisions shall be repealed, particularly, Regulation
92-08 of November 17th, 1992 relating to the banking accounts plan and
accounting rules applicable to banks and financial institutions.
Article 8: The provisions of this Regulation shall be applicable as from January
1rst, 2010.
Article 9: This regulation shall be published in the “Journal Officiel” of the
People’s Democratic Republic of Algeria.
The Governor
Mohammed LAKSACI
SCHEDULE
ACCOUNTS CLASSIFICATION
Category 1: Cash operations account and inter-bank operations
10111213141516171819-
Cash
Central Banks- Public Treasury – Giro cheque centre
Ordinary accounts
accounts, loans and borrowings
Repurchased securities
Reverse transactions
Non chargeable and other amounts due
Network transactions
Bad debts
Value losses on bad debts
Category 2: Clients’ operations accounts
20
22
23
24
25
26
28
29
Buyers’ s credits
Customers’ accounts
Loans and Borrowings
Repurchased securities
Reverse transactions
Non chargeable securities and other amounts due
Bad debts
Value losses on bad debts
Category 3: Portfolio accounts –
securities and adjustment accounts
30
31
32
33
34
35
36
37
38
39
Securities transactions
Conditional instruments
Float and accounts due after encashment
Securities debts
Miscellaneous debit and credit accounts
Miscellaneous items
Adjustment and transitory accounts
Transitional and Adjustment accounts
liaison accounts
Value losses on bad debts
Category 4: Fixed capital accounts
40
41
subordinated loan
shares in bound companies
equity security and portfolio activity securities
42
43
44
45
46
47
48
tangible and intangible assets
simple renting
Appropriations of branches abroad
Value losses on fixed capital
Depreciations
Bad debts
Value losses on bad debts
Category 5: Equity and assimilated capital
50
51
52
53
54
55
56
58
Products and deferred charges- not included in the operational
cycle
Provisions for risks and expenditures
Regulated charges
Subordinated charges
Funds for general bank risks
Premiums connected with capital and reserves
Capital
Balance carried forward to next account
Income or loss for the period
Category 6: Expense Account
60
62
63
64
66
67
68
69
Bank operating expenses
Services
Payroll costs
Tax, duties and assimilated deposits
Miscellaneous expenses
External contingency elements
Appropriation for depreciation, provisions and value losses
Taxes on earnings and similar items
Category 7: Production Account
70
76
Bank operating products
Miscellaneous products
77
78
External contingency elements - products
Resumption on securities losses and provisions
Category 9: Extra balance sheet account
90
91
92
93
94
96
97
Financial liabilities
Guarantee commitment
securities liabilities
Foreign currency operations
Extra balance sheet - foreign currency adjustment account
Other liabilities
Bad debts
Category 1 – Cash operations and inter bank operations
Such category of accounts record cash and cash securities, cash operations and
inter bank operations.
Cash operations include namely, loans, borrowings and repurchase agreements
carried out over the monetary market.
Inter bank operations are those operations carried out with the Bank of Algeria,
the Treasury and Giro cheque centres, banks and financial institutions including
foreign correspondent banks as well as local and international financial
institutions.
Category 2 – Customers’ operations
The accounts of such category include all customers’ credits, as well as the
deposits made by these latter.
Customers’ credits include (account 20), all the credits granted to customers,
regardless of their maturities.
Customers’ credits (account 20) include all the resources brought by customers
(sight deposits, time deposits, cash vouchers ….)
Also, all loans and borrowings made with financial clients, investment
companies, insurance and pension fund companies as well as other companies
accepted as intervening parties over the organized market are recorded in such
category.
Uses and resources materialized by securities shall be excluded from such
category.
Category 3 – Securities portfolio and adjustment accounts
Besides the operations relating to securities portfolios, accounts of such category
also record the debts materialized by securities.
Securities portfolios include transaction securities; deposit securities and
investment securities.
The debts marked by securities include all the debts of subject institution
marked by securities such as: negotiable debt securities and bonds, namely,
convertible coupons, evidence of debts.
Also, collection operations, operations with third parties, other uses, and
transitory and adjustment accounts relating to all the operations of the subject
institution are recorded in the accounts of this category.
Category 4 – Fixed assets
Accounts of this category record the uses intended for serving a durable activity
on subject institution.
Subordinated loans and fixed assets, whether they are financial or tangible or
intangible, including those on simple lease are recorded in category.
Category 5 – Equity capital and similar items
All the financing means are grouped in the accounts of this category whether
they were an initial capital or left at the disposal of the institution which has
been a tax payer on a permanent or a durable basis.
Also, products and deferred expenditures – extra operational cycle- (such as
subsidies, appropriated public funds, assets deferred taxes, liabilities deferred
taxes, other deferred products and expenditures), earnings of the financial year
are also recorded in this category.
Category 6: Expenditures
The accounts of this category record all the expenditures incurred during the tax
payer institution.
Besides the bank operating expenditures relating to the very bank activity, the
columns in this category, include general costs as well as the grants for
depreciations, provisions, and securities losses.
Also, the grants from the fund for general bank risks are recorded in this
category.
Finally, external contingency elements are also recorded in this category such as
expenditures, taxations on earnings and similar items.
Category 7: Products
Accounts of this category include all financial products encashed by subject
institution.
Besides the banking products relating to the very banking activity, the columns
of such category include all the losses on securities and provisions.
Resumptions from the fund for general banking risks are recorded in this
category.
Banking financial products are distinguished according to the type of operation,
whether they are interests or commissions, as are expenditures.
Also, the external contingency elements – products are recorded in this category.
Category 9 - Off balance sheet
The columns of this category include all the liabilities of the subject institution
whether they have been given or received.
The various liabilities are distinguished according to the nature of the liabilities
and that of the counter party agent.
In this respect, adequate accounts shall be provided for financial liabilities,
guarantee liabilities, securities liabilities and foreign currency liabilities.
Financial liabilities correspond to grants in favour of the beneficiary.
Guarantee liabilities, carried out as a bank security, are transactions for which
the subject institution undertakes to ensure - in favour of a third party - the
expenditure subscribed by the latter, in case of failure on his part.
All the obligations secured and accepted liabilities are recorded in the
“guarantee liabilities” column.
The “Securities liabilities” column includes sale and purchase operations on
behalf of the subject institution.
The “Securities liabilities” column includes underwriting liabilities, and
intermediation operations.
Foreign currency operations include:
Foreign exchange operations in cash, as long as the life time limit has not
expired.
Forward exchange transactions: Foreign currency purchase and sale transactions
between parties who decide to defer the completion of such for reasons other
than the applicable deadline.
Loan and borrowings in foreign currencies as long as the deadline for making
the funds available has not expired.
REGULATION 09-05 OF CHAOUAL 29TH, 1430 CORRESPONDING
TO OCTOBER 18TH, 2009 RELATING TO THE DRAWING UP AND
PUBLLICATION OF FINANCIAL STATEMENTS OF BANKS AND
FINANCIAL INSTITUTIONS
The Governor of the Bank of Algeria,
Whereas Order 03-11 of Joumada Ethania 27th, 1424, corresponding to August
26th, 2003, relating to Money and Credit, namely, to its article 62, item j,
Whereas Order 75-59 of September 1975, as amended and completed, relating
to the Commercial Code,
Whereas Law 91-08 of April 27th, 1991, relating to the profession of chartered
accountant, auditor, and certified accountant,
Whereas law 07-11 of Dhou El Kaada 15th, 1428, corresponding to November
25th, 2007, relating to the financial accounting system,
Whereas order 08-02 of Rajab 21rst,1429 corresponding to July 24th, 2008
relating to the complementary budget law for 2008, namely its article 62,
Whereas the Presidential Decree of Rabie El Aouel 10th, 1422 corresponding to
June 2nd, 2001, relating to the appointment of Governor and Vice-Governors of
the Bank of Algeria,
Whereas Presidential Decree of Rabie El Aouel 10th,1422 corresponding to June
2nd, 2001, relating to the appointment of members of the Board of Directors of
the Bank of Algeria,
Whereas the Presidential Decree of Châabane 26th, 1423 corresponding to
November 2nd, 2002, relating to the appointment of a member of the Board of
Directors of the Bank of Algeria,
Whereas the Presidential Decree of Dhou El Kaada 24th, 1424, corresponding to
January 14th, 2004, relating to the appointment of the members of the Council of
Money and Credit of the Bank of Algeria,
Whereas Presidential Decree of Joumada El Oula 5th, 1427, corresponding to
June 1rst, 2006, relating to the appointment of a Vice-Governor of the Bank of
Algeria,
Whereas Executive Decree 08-156 of Joumada El Oula 28th, 1429 corresponding
to May 26th,2008 relating to the application of the provisions of law N° 07-11 of
Dhou El Kaada 15th, 1428 corresponding to November 25th, 2007 relating to the
financial accounting system,
Whereas Executive Decree 09-110 of Rabie Ethani 11th, 1430, corresponding to
April 07th, 2009, setting the terms and conditions for accountancy keeping by
means of computer systems,
Whereas the Order of Rajab 23rd, 1429, corresponding to July 26th, 2008, setting
the terms of evaluation and accountancy , content and presentation of the
financial statements as well as the classification of the accounts operational
rules,
Whereas Regulation 92-09 of November 17th, 1992, relating to the drawing up
and publication of the yearly individual accounts of banks and financial
institutions,
Whereas Regulation 09-04 of July 23rd, 2009, relating to the bank
Accounting plan and accounting rules applicable to banks and financial
institutions,
Whereas the Resolution of the Council of Money and Credit, of October 18th,
2009,
Promulgates the regulation the content of which follows:
Article 1: The object of this regulation is to state the terms and conditions for
drawing up and publishing the bank financial statements hereafter designated as
“subject institutions”.
Article 2: The publishable financial statements of subject institutions shall
include the balance sheet and off balance sheet, the profit and loss account, the
cash flow table, the equity capital variation table and schedule.
Article 3: The balance and off balance sheets , the profit and loss account , the
cash flow table, the equity table variation table, and schedule shall be drawn up
according to type models attached to this regulation.
Article 4: The balance sheet of subject institutions shall be established
according to a decreasing order of the liquid assets.
Article 5: Financial statements shall be prepared on the basis of accounting
principles and accountancy and valuation rules mentioned in regulation N° 0904 of July 23rd, 2009 relating to the bank accounting plan and accounting rules
applicable to banks and financial institutions.
Article 6: The Computerized accountancy of subject institutions shall be
organized in accordance with the provisions of executive decree N° 09-110 of
Rabie Ethani 1430 corresponding to April 07th, 2009 setting the terms and
conditions of bookkeeping by means of computerized systems.
Article 7: Subject institutions shall publish their financial statements within the
six (06) months following the end of the financial year in the official bulletin of
the legal and compulsory advertisements in compliance with article 103 of order
N° 03-11 of August 26th, 2003 relating to money and credit.
Article 8: Instructions from the Bank of Algeria shall set, as required, the terms
of application of this regulation.
Article 9: The provisions of regulation N° 92-09 of November 17th, 1992
relating to the drawing up and publication of the individual accounts of banks
and financial institutions shall be repealed.
Article 10: The provisions of this regulation shall be applicable as from
January 1rst, 2010.
Article 11: This regulation shall be published in the “Journal Official” of the
People’s democratic republic of Algeria.
The Governor
Mohammed LAKSACI
REGULATION 09-06 OF DHOU EL KAADA 1430 CORRESPONDING
TO OCTOBER 26TH, 2009 RELATING TO FOREIGN CURRENCIES
BALANCE OF DIRECT OR IN PARTNERSHIP INVESTMENTS
The Governor of the Bank of Algeria,
Whereas Order 03-11 of Joumada Ethania 27th, 1424 corresponding to August
26th, 2003 relating to Money and Credit, namely to its articles 62,63 and 64
Whereas Order 01-03 of Aouel Joumada Ethania, 1422 corresponding to August
20th, 2001, as amended and completed , relating to the development of
investments
Whereas Order 09-01 of Rajab 29th, 1430 corresponding to July 22nd, 2009
relating to the complementary budget law for 2009, namely, its articles 58,
(paragraphs 2, 5, 6, and 7 ) and 62 (paragraphs 2 and 3)
Whereas the Presidential Decree of Rabie El Aouel 10th, 1422 corresponding to
June 2nd, 2001, relating to the appointment of the governor and vice-governors
of the Bank of Algeria,
Whereas the Presidential Decree of 10 Rabie el Aouel 1422 corresponding to
June 2nd, 2001 relating to the appointment of the members of the Board of
Directors of the Bank of Algeria,
Whereas the Presidential Decree of Châabane 26th, 1423, corresponding to
November 2nd, 2002, relating to the appointment of the members of the Council
of Money and Credit,
Whereas the Presidential Decree of Dhou El Kaada 24th, 1424 corresponding to
June 14th, 2004, relating to the appointment of the members of the Council of
Money and Credit,
Whereas the Presidential Decree Of Joumada El Oula 5th, 1427 corresponding to
June 1rst, 2006, relating to the appointment of a vice-governor of the Bank of
Algeria,
Whereas the Resolution of the Council of Money and Credit, dated October 18th
and 26th 2009,
Promulgates the regulation the content of which follows:
Article 1: The object of this regulation is to set the terms of application of
paragraphs 6 of article 58 of Order 09-01 of Rajab29th,1430,corresponding to
July 22nd, 2009 relating to the complementary budget law for 2009, relating to
the surplus foreign currencies balance in favour of Algeria, during all the project
life span, as far as direct and in partnership foreign investments are concerned.
Article 2: When the foreign currencies balance is elaborated, for each project
concerned, the following elements are taken in to account:
In credit: repatriations in foreign currencies generated by:
-Any contribution , under the investments, including the nominal capital
- Proceeds of goods and services exports
-Part of the production sold around the national market , in substitution
to imports
- External borrowings exceptionally raised
- The value of any imported contribution in nature is added to such
credit elements
In debit: transfers abroad under:
- Importations of goods and services
- Profits, dividends, fees attendance fees, wages and bonuses for
expatriated personnel
- Partial assignments of investments
- Exceptional external debt service
- Of any other external payment
The balance of the foreign currencies balance is the difference between the sum
of the credit elements and the sum of debit elements.
The foreign currency balance shall be presented in the dinar equivalent.
Article 3: The terms of the data collection relating to the balance in foreign
currencies, of their processing and control as well as their reporting shall be
stated precisely through an instruction from the Bank of Algeria.
Article 4: The present regulation shall be published in the “Journal Officiel” of
the People’s Democratic Republic of Algeria.
The Governor
Mohammed LAKSACI
REGULATION 09-07 OF DECEMBER 10TH, 2009 AMENDING
REGULATION N° 95-01 OF FEBRUARY 28TH, 1995, RELATING TO
THE DEROGATION IN FAVOUR OF THE “CNMA (NATIONAL
AGRICULTURAL MUTUAL FUND) IN ORDER TO CARRY OUT
BANK TRANSACTIONS
The Governor of the Bank of Algeria,
Whereas Order 03-11 of Joumada 27th, 1424 corresponding to August 26th,
2003, relating to Money and Credit, namely to its articles 62, 63, 64, 65, 71, 88,
89, 90,
Whereas the Presidential Decree of Rabie El Aouel 10th, 1422 corresponding to
June 02nd, 2001 relating to the appointment of the Governor and Vice-Governors
of the Bank of Algeria,
Whereas the Presidential Decree of Rabie El Aouel 10th, corresponding to June
02nd, 2001 relating to the appointment of the members of the Board of Directors
of the Bank of Algeria,
Whereas the Presidential Decree of Châabane 26th, 1423, corresponding to
November 02nd, 2002, relating to the appointment of a member of the Board of
Directors of the Bank of Algeria,
Whereas the Presidential Decree of Dhou El Kaada 24th, 1424 corresponding to
January 14th, 2004 relating to the appointment of the members of the Council of
the Money and Credit of the Bank of Algeria,
Whereas the Presidential Decree of Djoumada El Oula
05th, 1427,
corresponding to June 1rst, 2006, relating to the appointment of a ViceGovernor of the Bank of Algeria,
Whereas Regulation 95-01 of February 28th, 1995 relating to a derogation in
favour of the National Agricultural Mutual Fund (CNMA) in order to carry our
bank operations.
Whereas Regulation 05-02 of March 05th, 2005, amending and completing
regulation 95-01 of February 28th, 1995 relating to a derogation in favour of the
National Agricultural Mutual Fund, “CNMA” in order to carry out bank
operations.
Whereas Regulation 08-04 of December 23rd, 2008, relating to the minimum
capital of banks and financial institutions operating in Algeria,
Further to the resolutions of the Council of Money and Credit of December 10th,
2009,
Promulgates the Regulation the content of which follows:
Article 1: The object of this regulation is to amend the modified Regulation
95-01 of February 28th, mentioned above.
Article 2: Article 4 of Regulation 95-01 of February 28th, 1995 relating to the
derogation in favour of the National Agricultural Mutual Fund, “CNMA” has
been amended as follows:
“Article 4” the joint stock company shall be subject to the bank legislation and
regulations in force as regards its incorporation and operation in order to
implement the provisions of article 3 above.
The company shall be authorized to carry out the bank operations devolved to
financial institutions as provided for in Article 71 of Order 03-11 of August 26th,
2003, excepting the foreign exchange and external trade transactions.
Article 3: Any otherwise provision with regard to this regulation shall be
repealed.
Article 4: This Regulations shall be published in the “Journal Officiel” of the
Peoples’ Democratic Republic of Algeria.
The Governor
Mohammed LAKSACI