Bank of Algeria Governor: Reviewing the monetary and credit law will allow the Bank of Algeria to modernize the banking system

The Governor of the Bank of Algeria, Salaheddine Taleb, praised, today, Monday in Algiers, the review of the monetary and credit law, stressing that it will allow the bank to modernize the banking system to keep pace with economic and financial developments.

During the symposium on future challenges for central banks organized by the Bank of Algeria on the occasion of the 60th anniversary of its founding, Mr. Taleb indicated that the new monetary and credit law will allow the bank to move forward towards modernizing the banking system to keep pace with current and future challenges, notably the aspects related to technology and innovation in order to provide the appropriate environment to economic operators and grant them access to all the modern banking tools and to establish sustainable economic development rules.

Emphasizing that the Bank of Algeria “has performed all the sovereign tasks entrusted to it over the past 60 years and overcame all the challenges that characterized a nation proud of its independence and sovereignty,” the governor highlighted the bank’s keenness to continue performing its duties in enhancing the safety and solidity of the banking system.

In his speech, the governor reviewed the most important stages that the Bank of Algeria went through and how it adapted to the most prominent economic and financial transformations and reforms that Algeria had undergone since independence and then the introduction of the Algerian dinar in April 1964, despite the difficult economic conditions at that time.

He stressed that continuous training, scientific research and building human capacities at the bank will remain a “permanent concern” and constitute the core of the strategic plan that the bank endeavors to implement.

On the international level, the Bank of Algeria is working – adds Mr. Taleb – to strengthen cooperation with all central banks, especially Arab and African banks, allowing “to enhance dialogue by finding the necessary mechanisms to create a climate for exchanging ideas on issues of common interest.”

In this regard, he announced that the 47th session of the Council of Governors of Central Banks and Arab Monetary Institutions will be held in Algeria in September 2023.

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