Algeria allows foreign banks to work in local markets

The Algerian government has allowed foreign banks to operate in local markets without any limits alowing the establishment of private banks.

The manager of foreign trade in the Algerian foreign bank, Masoud Jouseri, said that there are US and European banks that will enter the Algerian banking market and that some of them have actually begun their work. He added that there are also private banks established to work along with the government banks.

Yousseri endorsed the program for financing Arab trade, saying that Algerian law allows foreign banks to enter Algeria, presenting the required facilities for it, including the transfer of capital and profits abroad.

Meanwhile, the Algerian foreign bank obtained a credit line from the program for financing Arab trade worth $7.65 million to refinance 85% of the value of an agreement according to which Algeria imports aluminum bars from Egypt.