Regulations 2011

Total Page:16

File Type:pdf, Size:1020Kb

Regulations 2011 REGULAT IONS 2011 REGULATION 11-01 OF MARCH 24TH, 2011 RELATING TO CREATION OF A BANKNOTE OF TWO THOUSAND (2000) ALGERIAN DINARS The Governor of the Bank of Algeria, Whereas Order 03-11 of Jumaada al-THaany 27th, 1424 corresponding to August 26th, 2003 as amended and completed, relating to Money and Credit, namely its Articles 38, 62 (paragraph a), 63 and 64; Whereas the Presidential Decree of Raby` al-awal 10th, 1422 corresponding to June 2nd, 2001 relating to appointment of the Governor and Vice-Governors of the Bank of Algeria; Whereas the Presidential Decree of Raby` al-awal 10th, 1422 corresponding to June 2nd, 2001 relating to appointment of Members of the Executive Board of the Bank of Algeria; Whereas the Presidential Decree of Sha`baan 26th, 1423, corresponding to November 2nd, 2002 relating to appointment of a Member of the Executive Board of the Bank of Algeria; Whereas the Presidential Decree of Thw al-Qi`dah 24th, 1424 corresponding to January 14th, 2004 relating to appointment of Members of the Council of Money and Credit of the Bank of Algeria; Whereas the Presidential Decree of Jumaada al-awal 5th, 1427 corresponding to June 1st, 2006 relating to appointment of a Vice-governor of the Bank of Algeria; Further to the Resolution of the Council of Money and Credit of the Bank of Algeria of Raby` al-THaany 19th, 1432 corresponding to March 24th, 2011; promulgates the Regulation the content of which follows: Article 1: The Bank of Algeria shall create a two thousand (2000) Algerian Dinar banknote. Article 2: The general characteristics of the two thousand (2000) Algerian Dinar banknote are as follows: . Dimension: 160 mm x 71,7 mm . Theme: science, technology and endogenous development . Watermark: Effigy of Emir Abdelkader .General tonality: greenish blue. Article 3: The new banknote shall be put into circulation concomitantly with the banknotes currently in circulation Article 4: The special peculiarities, namely the detailed technical characteristics and the date of putting into circulation of such a banknote shall be determined by regulation. Article 5: This Regulation shall be published in the “Journal Officiel” of the People’s Democratic Republic of Algeria. The Governor Mohammed LAKSACI REGULATION 11-02 OF MARCH 24TH, 2011 RELATING TO THE ISSUING AND PUTTING INTO CIRCULATION OF A TWO THOUSAND (2000) ALGERIAN DINAR BANKNOTE The Governor of the Bank of Algeria, Whereas Order 03-11 of Jumaada al-Thaany 27th, 1424 corresponding to August 26th, 2003 as amended and completed, relating to Money and Credit, namely its Articles 38, 62 (paragraph a), 63 and 64; Whereas the Presidential Decree of Raby` al-awal 10th, 1422 corresponding to June 2nd, 2001 relating to appointment of the Governor and Vice-Governors of the Bank of Algeria; Whereas the Presidential Decree of Raby` al-awal 10th, 1422 corresponding to June 2nd, 2001 relating to appointment of Members of the Executive Board of the Bank of Algeria; Whereas the Presidential Decree of Sha`baan 26th, 1423, corresponding to November 2nd, 2002 relating to appointment of a Member of the Executive Board of the Bank of Algeria; Whereas the Presidential Decree of Thw al-Qi`dah 24th, 1424 corresponding to January 14th, 2004 relating to appointment of Members of the Council of Money and Credit of the Bank of Algeria; Whereas the Presidential Decree of Jumaada al-awal 5th, 1427 corresponding to June 1st, 2006 relating to appointment of a Vice-governor of the Bank of Algeria; Whereas Regulation 11-01 of Rebie Ethani 19th, 1432 corresponding to March 24th, 2011 relating to creation of a two thousand (2000) Algerian Dinar banknote; Further to the Resolution of the Council of Money and Credit of the Bank of Algeria of Raby` al-Thaany 19th, 1432 corresponding to March 24th, 2011 promulgates the Regulation the content of which follows: Article 1: Under Regulation 11-01 of Raby` al-THaany 19th, 1432 corresponding to March 24th, 2011 relating to creation of a two thousand (2000) Algerian Dinar banknote, the Bank of Algeria shall issue a two thousand (2000) Algerian Dinar banknote, the putting into circulation of which shall be carried out as from April 28th, 2011. Article 2: The special peculiarities namely the detailed technical characteristics of such banknote shall be set as follows: 1) DIMENSION: Overall: 160 mm x 71,7 mm, Vignette: 120 mm x 61,7 mm 2) TONALITY: Greenish blue 3) PAPER: watermark, of banknote type, colored in light blue on the whole 4) DESCRIPTION: a. General theme: Science technology and endogenous development b. Front side: in (3) three juxtaposed colours. 1. Security background: consisting of geometrical figures, guilloche, micro- prints, graphical numismatic. The security background shall cover the vignette and the watermarked strip 2. Vignette: science and technology. 3. Pieces of writing in Arabic: “Bank of Algeria” “Two thousand Dinars” 4. Figures: “2000” located vertically on the right side of the vignette and horizontally on the left bottom of the vignette. 5. Signatures 6. Figures 7. Date c. Back side: in (3) three juxtaposed colours. 1. Security background: consisting of geometrical figures, guilloche, micro- prints, graphical numismatic. The security background shall cover the vignette and the watermarked strip 2. Vignette: vectors of endogenous development. 3. Pieces of writing in Arabic: “Bank of Algeria” “Two thousand Dinars” 4. Figures: “2000” located vertically on the left side of the banknote and in a guilloche, on the bottom of the watermarked strip. 5. Piece of writing in Arabic “Article 197 of the Criminal Code punishes the forgers” 5) WATERMARK: Continuous, inside a vertical strip located on the left side of the banknote on the front side and on the back side on the right side. The watermark shall represent the effigy of Emir Abdelkader. 6) Security thread- a “window thread” type, micro-print, appearing on the left central section of the front side, in silvery alternating light and dark areas. The thread can be seen through transparency on either side. 7) HOLOGRAM: a hologram with a width of 13 mm, of “lead” type shall be affixed on the left of the front side. It is represented continuously over the whole width of the banknote from top to bottom. a) as seen from one angle: . Pieces in writing “Bank” ( in Arabic), . Effigy of Emir Abdelkader looking to the left, . Pieces of writing “Algeria” (in Arabic), . Effigy of Jughurta looking to the left. b) as seen from another angle: . Pieces of writing “Algeria” (in Arabic), .Effigy of Jughurta looking to the right, . Pieces in writing “Bank” ( in Arabic), . Effigy of Emir Abdelkader looking to the right. On the right side of the hologram, figures “2000” repeated continuously. Article 3: This Regulation shall be published in the “Journal Officiel” of the People’s Democratic Republic of Algeria. The Governor Mohammed LAKSACI REGULATION 11-03 OF MAY 24TH, 2011 RELATING TO OVERSIGHT OF INTERBANK RISKS The Governor of the Bank of Algeria, Whereas Order 03-11 of Jumaada al-Thaany 27th, 1424 corresponding to August 26th, 2003 as amended and completed, relating to Money and Credit, namely its Article 62; Whereas the Presidential Decree of Raby` al-awal 10th, 1422 corresponding to June 2nd, 2001 relating to appointment of the Governor and Vice-Governors of the Bank of Algeria; Whereas the Presidential Decree of Raby` al-awal 10th, 1422 corresponding to June 2nd, 2001 relating to appointment of Members of the Executive Board of the Bank of Algeria; Whereas the Presidential Decree of Sha`baan 26th, 1423, corresponding to November 2nd, 2002 relating to appointment of a Member of the Executive Board of the Bank of Algeria; Whereas the Presidential Decree of Thw al-Qi`dah 24th, 1424 corresponding to January 14th, 2004 relating to appointment of Members of the Council of Money and Credit of the Bank of Algeria; Whereas the Presidential Decree of Jumaada al-awal 5th, 1427 corresponding to June 1st, 2006 relating to appointment of a Vice-governor of the Bank of Algeria; Whereas Regulation 02-03 of Ramadhaan 9th, 1423 corresponding to November 14th 2002 relating to internal control of Banks and Financial Institutions; Whereas Regulation 09-04 of Awwal Sha`baan, 1430 corresponding to July 23rd, 2009 relating to bank accounts chart and accounting rules applicable to Banks and Financial Institutions; Whereas Regulation 09-05 of Shawwal 29th, 1430 corresponding to October 18th, 2009 relating to establishment and publication of financial statements of Banks and Financial Institutions; Whereas Regulation 09-08 of Muharram 12th, 1431 corresponding to December 29th, 2009 relating to assessment and accounting rules of financial instruments by Banks and Financial Institutions; Further to the Resolution of the Council of Money and Credit of May 24th, 2011 promulgates the Regulation the content of which follows: Article 1: Banks and Financial Institutions shall have under the conditions set by this Regulation an internal oversight system for the distribution of their outstanding interbank loans and borrowings, namely those made on the Money Market. Article 2: Banks and Financial Institutions shall fix for each counterpart the maximum amount of loans granted and obtained with bank counterparts. Such amounts shall be determined under conditions which ensure a distribution of investments made and financings obtained that comply with decisions of the legislative body relating to risk taking and liquidity management. Limits set for each counterpart shall be subject to a periodic reviewing. Article 3: When a bank counterpart has exclusive control over one or several other bank counterparts, the group thus constituted shall be considered as one and the same counterpart for compliance with the limits set forth in Article 2 above. Shall also be considered as same counterpart Bank counterparts that are bound together by links such that if one meets financial problems the other or all the others will face repayment difficulties.
Recommended publications
  • The Impact of Financial Liberalization on the Performance of the Algerian Public Banks
    DEMOCRATIC AND POPULAR REPUBLIC OF ALGERIA MINISTRY OF HIGHER EDUCATION AND SCIENTIFI RESEARCH UNIVERSITY OF TLEMCEN FACULTY OF ECONOMICS, COMMERCE AND MANAGEMENT The Impact of Financial Liberalization on the Performance of the Algerian Public Banks. Thesis submitted as a partial fulfillment of the “Doctorate” degree in Economics Thesis presented by: Supervised by: Souad GUESMI Prof. Mohamed BENBOUZIANE Jury Members: Prof. Abdelkader DERBAL President University of Oran Prof. Mohamed BENBOUZIANE Supervisor University of Tlemcen Prof. Ali BOUHANNA Examiner University of Tlemcen Dr. Mohamed BEZZAOUYA Examiner University of Tlemcen Dr. Soufiane SLIMANE Examiner University of Relizane Dr. Mohamed BENSAID Examiner University of Sidi Belabbes 2014-2015 Dedication This thesis is a dedication to my husband, my dearest father and to my beloved tender mother who mean everything to me. To my brothers who mean a lot to me. To all my family -Guesmi and Boutayeba- who believed in me and supported me in practical and constant ways, their confidence in my abilities and their belief in the importance of this work have ensured its completion. i Acknowledgments I am extremely grateful to the almighty Allah who bestowed me the understanding and perseverance to make this accomplishment possible. I would like to express my special thanks, gratitude, and appreciation to my supervisor Prof. Mohamed Benbouziane for his guidance, suggestions, and valuable comments made this work possible. My special thanks and respects go to the members of the examining committee, for their consent to take part in reading and discussing this thesis. This thesis would not have been accomplished without the help and support of my husband Dr.
    [Show full text]
  • International Directory of Deposit Insurers
    Federal Deposit Insurance Corporation International Directory of Deposit Insurers September 2015 A listing of addresses of deposit insurers, central banks and other entities involved in deposit insurance functions. Division of Insurance and Research Federal Deposit Insurance Corporation Washington, DC 20429 The FDIC wants to acknowledge the cooperation of all the countries listed, without which the directory’s compilation would not have been possible. Please direct any comments or corrections to: Donna Vogel Division of Insurance and Research, FDIC by phone +1 703 254 0937 or by e-mail [email protected] FDIC INTERNATIONAL DIRECTORY OF DEPOSIT INSURERS ■ SEPTEMBER 2015 2 Table of Contents AFGHANISTAN ......................................................................................................................................6 ALBANIA ...............................................................................................................................................6 ALGERIA ................................................................................................................................................6 ARGENTINA ..........................................................................................................................................6 ARMENIA ..............................................................................................................................................7 AUSTRALIA ............................................................................................................................................7
    [Show full text]
  • List of Certain Foreign Institutions Classified As Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms
    NOT FOR PUBLICATION DEPARTMENT OF THE TREASURY JANUARY 2001 Revised Aug. 2002, May 2004, May 2005, May/July 2006, June 2007 List of Certain Foreign Institutions classified as Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms The attached list of foreign institutions, which conform to the definition of foreign official institutions on the Treasury International Capital (TIC) Forms, supersedes all previous lists. The definition of foreign official institutions is: "FOREIGN OFFICIAL INSTITUTIONS (FOI) include the following: 1. Treasuries, including ministries of finance, or corresponding departments of national governments; central banks, including all departments thereof; stabilization funds, including official exchange control offices or other government exchange authorities; and diplomatic and consular establishments and other departments and agencies of national governments. 2. International and regional organizations. 3. Banks, corporations, or other agencies (including development banks and other institutions that are majority-owned by central governments) that are fiscal agents of national governments and perform activities similar to those of a treasury, central bank, stabilization fund, or exchange control authority." Although the attached list includes the major foreign official institutions which have come to the attention of the Federal Reserve Banks and the Department of the Treasury, it does not purport to be exhaustive. Whenever a question arises whether or not an institution should, in accordance with the instructions on the TIC forms, be classified as official, the Federal Reserve Bank with which you file reports should be consulted. It should be noted that the list does not in every case include all alternative names applying to the same institution.
    [Show full text]
  • Tax Relief Country: Italy Security: Intesa Sanpaolo S.P.A
    Important Notice The Depository Trust Company B #: 15497-21 Date: August 24, 2021 To: All Participants Category: Tax Relief, Distributions From: International Services Attention: Operations, Reorg & Dividend Managers, Partners & Cashiers Tax Relief Country: Italy Security: Intesa Sanpaolo S.p.A. CUSIPs: 46115HAU1 Subject: Record Date: 9/2/2021 Payable Date: 9/17/2021 CA Web Instruction Deadline: 9/16/2021 8:00 PM (E.T.) Participants can use DTC’s Corporate Actions Web (CA Web) service to certify all or a portion of their position entitled to the applicable withholding tax rate. Participants are urged to consult TaxInfo before certifying their instructions over CA Web. Important: Prior to certifying tax withholding instructions, participants are urged to read, understand and comply with the information in the Legal Conditions category found on TaxInfo over the CA Web. ***Please read this Important Notice fully to ensure that the self-certification document is sent to the agent by the indicated deadline*** Questions regarding this Important Notice may be directed to Acupay at +1 212-422-1222. Important Legal Information: The Depository Trust Company (“DTC”) does not represent or warrant the accuracy, adequacy, timeliness, completeness or fitness for any particular purpose of the information contained in this communication, which is based in part on information obtained from third parties and not independently verified by DTC and which is provided as is. The information contained in this communication is not intended to be a substitute for obtaining tax advice from an appropriate professional advisor. In providing this communication, DTC shall not be liable for (1) any loss resulting directly or indirectly from mistakes, errors, omissions, interruptions, delays or defects in such communication, unless caused directly by gross negligence or willful misconduct on the part of DTC, and (2) any special, consequential, exemplary, incidental or punitive damages.
    [Show full text]
  • ALGIERS ACCORDS January 19, 1981
    ALGIERS ACCORDS January 19, 1981 DECLARATION OF THE GOVERNMENT OF THE DEMOCRATIC AND POPULAR REPUBLIC OF ALGERIA The Government of the Democratic and Popular Republic of Algeria, having been requested by the Governments of the Islamic Republic of Iran and the United States of America to serve as an intermediary in seeking a mutually acceptable resolution of the crisis in their relations arising out of the detention of the 52 United States nationals in Iran, has consulted extensively with the two governments as to the commitments which each is willing to make in order to resolve the crisis within the framework of the four points stated in the resolution of November 2, 1980, of the Islamic Consultative Assembly of Iran. On the basis of formal adherences received from Iran and the United States, the Government of Algeria now declares that the following interdependent commitments have been made by the two governments: General Principles The undertakings reflected in this Declaration are based on the following general principles: A. Within the framework of and pursuant to the provisions of the two Declarations of the Government of the Democratic and Popular Republic of Algeria, the United States will restore the financial position of Iran, in so far as possible, to that which existed prior to November 14, 1979.In this context, the United States commits itself to ensure the mobility and free transfer of all Iranian assets within its jurisdiction, as set forth in Paragraphs 4-9. B. It is the purpose of both parties, within the framework of and pursuant to the provisions of the two Declarations of the Government of the Democratic and Popular Republic of Algeria, to terminate all litigation as between the Government of each party and the nationals of the other, and to bring about the settlement and termination of all such claims through binding arbitration.
    [Show full text]
  • New Central Banks, July 1964
    FEDERAL RESERVE BANK OF NEW YORK 133 New Central Banks * The Central Sixteen new central banks have opened their doors since as the Equatorial African central bank.) the States of West Africa serves Dahomey, Ivory the beginning of 1959—the Central Bank of the States of Bank of Africa and of Cameroon, the Central Bank of Coast, Mauritania, Niger, Senegal, Togo, and Upper Equatorial Afri- the States of West Africa, the Bank of Morocco, and the Volta. (This bank, which will here be termed West served Mali until Both of Central Bank of Nigeria in 1959; the Bank of Sudan, the can central bank, also 1962.) Bank of the of Guinea, and the Somali National these institutions were organized under French auspices Republic After Bank in 1960;the Bank of Jamaica, the Malagasy Bank of before the independence of the countries concerned. these countries Issue, and the Bank of the Republic of Mali in 1962; the becoming independent in 1960-61, signed with France 1960-62) under which all Central Bank of Algeria and the Central Bank of Cyprus agreements (during in the Bank of the National Bank of (except Mali) have continued to use the facilities of the 1963; Lebanon, and Rwanda, the Bank of the Kingdom of Burundi, and the existing central banks, whose organization power National Bank of the Congo (Leopoidville) in 1964. The have been considerably modifiedto conform to the changed central banks of Morocco, Nigeria, Sudan, andGuinea were situation. the twelve new described in a previous article in this Review:' the other All but two of the countries served by twelve newcentral banks willbe discussedhere.2 central banks had a monetary authority or currency board the The Central Bank of the States of Equatorial Africa prior to the establishment of the new banks; excep- and where and of Cameroon serves the newly independent states of tions were the Malagasy Republic Lebanon, been held Cameroon, the Central African Republic, Chad, Congo the note-issuing privilege had in each case by a banks retain (Brazzaville), and Gabon.
    [Show full text]
  • Cover and Contents, IJCB September 2013
    Volume 9, Number 3 September 2013 Volume 9, Number 3Volume INTERNATIONAL JOURNAL OF CENTRAL BANKING September 2013 INTERNATIONAL JOURNAL OF CENTRAL BANKING Fiscal Shocks and the Real Exchange Rate Agustín S. Bénétrix and Philip R. Lane Granularity Adjustment for Regulatory Capital Assessment Michael B. Gordy and Eva Lütkebohmert (Un)anticipated Monetary Policy in a DSGE Model with a Shadow Banking System Fabio Verona, Manuel M. F. Martins, and Inês Drumond The Impact of Monetary Policy Shocks on Commodity Prices Alessio Anzuini, Marco J. Lombardi, and Patrizio Pagano Policymakers’ Interest Rate Preferences: Recent Evidence for Three Monetary Policy Committees Alexander Jung Capital Regulation, Monetary Policy, and Financial Stability Pierre-Richard Agénor, Koray Alper, and Luiz Pereira da Silva International Journal of Central Banking Volume 9, Number 3 September 2013 Fiscal Shocks and the Real Exchange Rate 1 Agust´ın S. B´en´etrix and Philip R. Lane Granularity Adjustment for Regulatory Capital Assessment 33 Michael B. Gordy and Eva L¨utkebohmert (Un)anticipated Monetary Policy in a DSGE Model with a 73 Shadow Banking System Fabio Verona, Manuel M. F. Martins, and Inˆes Drumond The Impact of Monetary Policy Shocks on Commodity 119 Prices Alessio Anzuini, Marco J. Lombardi, and Patrizio Pagano Policymakers’ Interest Rate Preferences: Recent Evidence 145 for Three Monetary Policy Committees Alexander Jung Capital Regulation, Monetary Policy, and Financial Stability 193 Pierre-Richard Ag´enor, Koray Alper, and Luiz Pereira da Silva The contents of this journal, together with additional materials provided by article authors, are available without charge at www.ijcb.org. Copyright c 2013 by the Association of the International Journal of Central Banking.
    [Show full text]
  • The Evolution of the Algerian Banking System
    Management Dynamics in the Knowledge Economy Vol.6 (2018) no.1, pp.145-166; DOI 10.25019/MDKE/6.1.09 ISSN 2392-8042 (online) © Faculty of Management (SNSPA) The Evolution of the Algerian Banking System Ishaq HACINI University of Mascara Sidi Said, CP 29000, Mascara, AL [email protected] Khadra DAHOU University of Mascara Sidi Said, CP 29000, Mascara, AL [email protected] Abstract. The study aims to shed light on Algerian Banking system through investigating its evolution’s stages starting from the independence (1962), wherein Algeria inherited the colonial banking system. For examining the evolution, the study focused on the critical phases in the evolution of the Algerian banking system (Colonial Phase, Sovereignty Phase, Nationalization and Socialization Phase, Restricting Phase and Liberalization Phase). In Addition, the study analyzed several indicators of the banking sectors in Algeria such as (interest rate spread, banks’ ownership, banks’ activity and banks’ profitability). Furthermore, it made a comparison between the Algerian banking sector and the banking sectors of two North African neighbors, Morocco and Tunisia. The study revealed that the Algerian banking system has witnessed several mutations. Therefore, the Algerian authorities had constructed an Algerian Banking system (Stated-owned banks) to substitute the colonial banking system. After that, many reforms had been adopted by the Algerian government based on economic and social requirements. In the early nineties, especially with the Law on Money and Credit (1990), the Algerian authorities endeavored to liberalize the banks' activities to improve the banks' performance. As consequences, the Algerian banking system changed radically, wherein, in 2016, it is composed of twenty commercial banks and eight financial companies and a group of liaison offices of foreign banks.
    [Show full text]
  • November 2020 List of Participants 1 Afghanistan
    NOVEMBER 2020 LIST OF PARTICIPANTS AFGHANISTAN ALGERIA Mr. Ajmal Ahmady Mr. Loumi Chaâbane Governor Subdirector of Statistics Afghanistan Central Bank MOF, General Tax Directorate Pashtonistan Watt Cité Malki-Ben Aknoun Kabul 1001 Algiers 16000 AFGHANISTAN ALGERIA Mr. Mustafa Sameh Mrs. Kendil Fatma Zohra Manager, Financial Stability Section On-site Supervisor Da Afghanistan Bank Banking Supervision & Inspection Dept. Pashtonistan Watt Bank of Algeria Kabul 1001 38 Ave. Franklin Roosevelt AFGHANISTAN Algiers 16000 ALGERIA Mr. Gul Mohammad Noori Ms. Fatma Zohra Dahmani Deputy Manager, Financial Stability Inspector, Off Site Supervision Dept . Da Afghanistan Bank Bank of Algeria Pashtonistan Watt 38, avenue Franklin Roosevelt Kabul 1001 Alger 16000 AFGHANISTAN ALGERIA ALBANIA ARMENIA Mr. Deniz Deralla Ms. Mariam Yeghiazaryan Director of Supervision Dept. Head of Banking System Regulation Division Bank of Albania Central Bank of Armenia Sheshi Skënderbej No. 1 Vazgen Sargsyan 6 Tirana 1001 Yerevan ALBANIA ARMENIA 0010 ALGERIA AUSTRALIA Ms. Sara Kennouche Mr. Wayne Byres Directorate General of Politics and Provision Chair Finance Ministries Australian Prudential Regulation Authority Ahmed Francis bldg. Level 12, 1 Martin Place Ben aknoun -Algiers Sydney 2000 ALGERIA AUSTRALIA 1 NOVEMBER 2020 LIST OF PARTICIPANTS AUSTRIA BAHRAIN Mr. Eduard Mueller Mr. Nabeel Juma Executive Director Superintendent, Financial Institutions Financial Market Authority Austria Regulatory Policy Otto Wagner Platz 5 Central Bank of Bahrain Vienna 1090 King Faisal Highway, Diplomatic Area, Block 317, AUSTRIA Road 1702, Building 96 Manama BAHRAIN Mrs. Katharina Muther-Pradler Head of Department of Integrated Supervision Ms. Reema Mandeel Financial Market Authority Austria Superintendent, Regulatory Policy Otto Wagner Platz 5 Central Bank of Bahrain Vienna 1090 King Faisal Highway, Diplomatic Area, Block 317, AUSTRIA Road 1702, Building 96 Manama BAHRAIN Dr.
    [Show full text]
  • Rethinking the Fiscal Risk Management Framework in Algeria
    Les Cahiers du Cread, vol. 34 - n° 2 - 2018 RETHINKING THE FISCAL RISK MANAGEMENT FRAMEWORK IN ALGERIA Abdelhamid MERGHIT* Received: 09-12-2018/ Accepted: 11-03-0019 / Published: 05/05/2019 Corresponding authors : [email protected] ABSTRACT Algeria, a commodity exporter country- faces fiscal risk from diverse sources, including volatility of oil prices, financial sector exposure, the state owned enterprises, and other macroeconomic and specific shocks. Historically, these shocks, especially sudden declines in oil prices, have had an adverse impact on the economic activity and public finances. However, this paper shows that Algeria, currently, has some tools to mitigate some risks, while, there is not a comprehensive framework to analyze and manage all fiscal risks. Hence, the study emphasize the fact that Algeria may need to rethink its fiscal risk management framework through putting in place international best practice , in order to ensure sound fiscal public finances and more macroeconomic stability. KEY WORDS Fiscal risk - Oil prices volatility - Public finances- Risk management- Algeria. JEL CLASSIFICATION: E62, H63, H68. * Faculty of economics commerce and management, Mohamed Seddik Benyahia University, Jijel, Algeria. E-mail : [email protected]. 53 Les Cahiers du Cread, vol. 34 - n° 2 - 2018 REPENSER LE CADRE DE GESTION DES RISQUES BUDGETAIRES EN ALGERIE RÉSUMÉ L'Algérie -en tant que pays exportateur de produits de base- est exposée à des risques budgétaires provenant de diverses sources, notamment la volatilité des prix du pétrole, les risques liés aux secteur financier et les entreprises publiques, ainsi que d'autres chocs macroéconomiques et spécifiques. Historiquement, ces chocs, notamment la baisse soudaine des prix du pétrole, a eu un impact négatif sur l'activité économique et les finances publiques.
    [Show full text]
  • Maghreb Banks and Financial Markets ABDERRAHMANE HADJ NACER and GUILLAUME ALMÉRAS
    10--Chapter 10--125-138 9/22/08 1:03 PM Page 125 10 Maghreb Banks and Financial Markets ABDERRAHMANE HADJ NACER and GUILLAUME ALMÉRAS For years, North African governments have made strenuous efforts to re- structure their financial sectors and bring them into line with international standards, with the help in particular of the World Bank and the European Union. In 2003 Egypt adopted a new banking law aimed at stabilizing its financial sector by reinforcing the prudential ratios of banks, improving their standards of governance, and raising minimum capital requirements. The following year, a restructuring plan launched several reforms: debt forgiveness, withdrawal of the state from the banking sector, and privati- zation (open to foreign investors) of two of the four leading state banks. Similar reforms are being enacted with varying degrees of speed and vigor elsewhere. Table 10.1 gives an overview of the top 15 North African banks. Tunisia is a laggard: With 20 credit institutions, 18 offshore banks, and 9 foreign banks with representative offices, Tunisia might seem to be oversupplied with banking services, but the sector remains dominated by state-owned banks, in particular Société Tunisienne de Banque and Banque de l’Habitat. Algeria is undeniably undersupplied in terms of branch networks, market share held by private banks, and methods of payment. There are hardly more bank branches in Algeria now than at the Abderrahmane Hadj Nacer is the former governor of the central bank of Algeria. He ran the depart- ment of economic affairs at the presidency of Algeria from 1985 to 1989.
    [Show full text]
  • Central Bank
    Introduction to ALGERIA With a population of 40 million, vast hydrocarbon reserves and its proximity to Europe, Algeria has significant economic development potential, but its future outlook is subject to increased uncertainties. In addition to the COVID-19 pandemic, Algeria will have to deal with the prolonged period of low oil prices. A recession is expected for 2020 and the ability of the economy to recover is undermined by the need to consolidate public finances and external accounts. Algeria is fundamentally a state-driven economy that runs large twin deficits. The fragile socio-political context since the resignation of former President Bouteflika compounds these difficulties. Negligible external debt gives some room for manoeuvre, however, even if the rapid erosion of FX reserves is a source of concern. Furthermore, macroeconomic challenges have pushed the authorities to change their attitude towards foreign investors. Several reforms have been introduced since the beginning of 2020 with a view to improve the country’s attractiveness, in particular in the oil and gas sector as many years of under-investment and robust domestic energy consumption have affected the country’s ability to export hydrocarbon products. Summary BNP Paribas presence BNP Paribas El-Djazaïr was launched in 2002 and is one of only a few international banks in Algeria. The bank has actively developed its capabilities, which include card issuing and acquiring, and has become a reliable and trusted partner both for corporations and retail customers, with 13 business centres supporting both Algerian companies operating internationally and foreign companies doing business in the country. BNP Paribas is one of the top 3 retail banks in sub-Saharan Africa with a well-established African network across 9 countries: Algeria, Tunisia, Morocco, Senegal, Guinea, Ivory Coast, Burkina Faso, Gabon and Mali.
    [Show full text]