The Governor of the Bank of Algeria (BA), Salah Eddine Taleb said on Sunday in Algiers that the draft law on money and credit meets the requirements of the digital transition and the wide use of technology, adding that the text was the fundamental basis for ensuring a harmonious and rational economic development.
During his presentation to the Finance and Budget Committee of the People’s National Assembly (APN), which met to debate the bill under the chairmanship of Lakhdar Salmi, the committee’s chairman, Mr Taleb said that the text “is one of the founding laws of the economy and the financial system, which sets out the fundamental principles governing the functioning of the banking system, its governance, the internal control procedures and the risk management rules.
The bill also deals with the responsibilities of the competent authorities for the control and organisation of this system, the same official added, emphasising the imperative for the finance sector to keep pace with the new dynamics based on the knowledge economy and digital technology, and to open up to new actors in order to keep up with the new orientations and the new needs of the consumer in terms of financial services.
Referring to the most important measures set out in the draft law, the Governor of the BA said that it is, first, to strengthen the governance of the BA, the Currency and Credit Council and the Banking Commission, stressing that “the changes affecting the component of the Board of Directors of the BA and the adoption of the system of mandate for the exercise of the function of Governor of the BA and Deputy Governors, The amendments to the Board of Directors of the BA and the adoption of the mandate of the Governor and Vice-Governors are aimed at improving the efficiency of these functions as a monetary and supervisory authority, especially in the light of its prerogatives in the framework of financial stability and the implementation of a national strategy for the development of payment means.
The broadening of the Council’s prerogatives aims to “enable it to support the changes in the banking scene and to organise the action of new actors on the banking scene by authorising them to carry out the activities entrusted to them”, he continued.
