Bank of Algeria: Banks have to take necessary measures to mitigate risks related to foreign trade

Bank of Algeria issued on Thursday, a new directive obligating banks to assess the risks related to foreign trade and identify the necessary measures to mitigate them.

Directive No. 2-2022 signed by the Governor of the Central Bank, Slahaeddine Taleb, stipulates that “with regard to the domiciliation of foreign trade operations, accredited intermediary banks must assess the relevant risks, taking into account in particular the quality of the commercial parties, and identifying measures to mitigate these risks.

This directive relating to the risk management of the domiciliation of foreign trade operations shall be effective from the date of its signature, i.e. July 28, 2022.

This directive cancels the provisions of directive No. 05-2017 of October 22, 2017, which specify the special conditions related to the domestication of imported goods destined for sale as they are.

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