The Bank of Algeria (BA) has sent to banks a new note, published on its website, on the opening of foreign currency cash accounts.
This is note N 02/2022, dated 26 January 2022, and signed by the Director General of Foreign Exchange, Louai Zidi.
It is implemented in accordance with Article 4 of Regulation N 04-2020 of 15 March 2020 on the interbank foreign exchange market, foreign exchange treasury operations and foreign exchange hedging instruments.
To this end, the note informs banks “that they can open foreign currency cash accounts on the books of the Bank of Algeria”.
“These accounts will be dedicated to the processing of foreign currency treasury operations concluded between banks on their behalf or on behalf of their customers, and are subject to the same operating and authorisation rules as those governing the dinar treasury account,” the document states.
“These accounts operate on a credit basis and should never be in a debit position,” explains the same source.
The Bank of Algeria also noted that “the currency account will continue to be dedicated to all the bank’s own operations”, indicating that “the banks will transmit to the Bank of Algeria (Directorate General of External Financial Relations), the list of persons authorised to move it”.
The operating mechanisms of the foreign currency accounts will be detailed in a note from the Directorate General of External Financial Relations, the note says.
