A regulation of the Bank of Algeria fixing at 7,500 euros or the equivalent in other foreign currencies the equivalent of the amount in currencies to be exported by the residents and not the residents of Algeria per calendar year, against the same sum By trip before, was promulgated on November 21.
Two months later, the government has given justifications on the downward revision of the amount in currencies that Algerians can take with them during their trips abroad.
The justifications are contained in a answer to a written question by deputy Ahmed Rebhi to the Minister of Finance.
First, the Minister of Finance said that exporting the amount of 7,500 euros per calendar year can be done only once or spread over several outings.
For the obligation to present a banking speed proving that the sum was removed from a bank in Algeria, the ministry specified that this measure was in force before the determination of the currency ceiling to be exported by residents and not residents. He recalled that the opening of currency accounts in Algeria was still in force.
Export of the currencies of Algeria: Algerians from abroad must respect a condition
Then, the Ministry of Finance explains why Algeria made the decision to cap the amount of the currencies exported by residents and non-residents at 7,500 euros per calevy year.
-“This measure aims to control the money supply in currencies circulating on the market to integrate it into the official banking circuit,” the minister explained in his written response to the deputy. He added that this decision aims to “restore citizens’ confidence in their banking system” by “offering them a modern alternative which is the use of international bank cards”.
“In reality, holders of currency accounts have total freedom in the use of their money deposited in banks, either with transfers abroad or payment with bank cards,” said the Minister of Finance .
He adds that the use of international bank cards makes it possible to “trace operations, limits the risks linked to the transport of cash currencies and secures financial operations. »»
The cap of the amount of currencies to be exported to 7,500 euros per year is intended to “modernize the means of payment and the security of financial flows, the fight against the black currency market and the protection of the national economy”, according to the same source.
The Minister of Finance claims that this does not affect Algerians from abroad who can import the amount in convertible currencies they want, without any limitation. The members of the diaspora can also open up foreign currency accounts in Algeria, and can export the currencies they have imported previously by presenting the Declaration of Algerian customs, according to the Minister.
