Latest news with #BankofAlgeria
Libya Observer
11-06-2025
- Business
- Libya Observer
Algerian government reviews with local banks challenges of exports to Libya
The Algerian government has discussed with local banks the challenges facing exporters targeting the Libyan market, as part of its desire to strengthen the presence of its products and services in its eastern neighbor. Algerian Minister of Foreign Trade and Export Promotion, Kamel Rezig, chaired a coordination meeting with economic operators exporting to the Libyan market. The meeting was attended by the Governor of the Bank of Algeria, the Commissioner General of the Association of Banks and Financial Institutions, as well as several ministry officials and representatives of economic organizations. According to the Algerian Ministry of Trade, the meeting served as an opportunity to exchange views on the field-level challenges faced by exporters to Libya and to explore ways to facilitate the flow of Algerian goods and services to this 'promising' market. Rezig affirmed his ministry's commitment to supporting economic operators and removing obstacles, particularly in terms of logistical support, improving the regulatory framework, and securing transactions in cooperation with the financial and banking sector. He also stressed the importance of the Libyan market as a natural extension for Algerian exports and called for the establishment of long-term economic partnerships that go beyond simple trade exchanges. Trade volume between Libya and Algeria saw a slight increase, with exchanges rising from about $31 million in 2018 to approximately $59 million in 2020, and around $65 million by 2021, of which $59 million represented Algerian exports to Libya. However, this figure remains low compared to the countries' combined potential. This has prompted both governments to launch an ambitious plan aimed at increasing bilateral trade volume to around $3 billion annually. The plan includes facilitating land transport through the reopening of the Debdeb-Ghadames border crossing, boosting maritime transport, establishing a free trade zone, and enhancing banking cooperation. Customs authorities have also held meetings to activate a customs cooperation agreement and revitalize operations at border crossings, with the goal of combating smuggling and facilitating the movement of goods along the 900-kilometer shared border. Tags: Algeria
Libya Review
10-06-2025
- Business
- Libya Review
Algeria Seeks $3B Trade Boost with Libya
In a strategic move to bolster its presence in the Libyan market, the Algerian government has initiated high-level discussions with local banks to address the challenges facing exporters to Libya. The talks reflect Algeria's commitment to expanding its economic influence in neighboring markets. Algerian Minister of Foreign Trade and Export Promotion, Kamel Rezig, chaired a key coordination meeting with economic operators involved in exports to Libya. The meeting included participation from the Governor of the Bank of Algeria, the General Commissioner of the Association of Banks and Financial Institutions, senior ministry officials, and representatives of economic organizations. According to the Ministry of Trade, the session served as a platform for exchanging insights on the ground-level difficulties faced by Algerian exporters. Key issues discussed included enhancing logistical support, improving regulatory frameworks, and securing financial transactions through strengthened cooperation with the banking sector. Minister Rezig emphasized his ministry's dedication to supporting exporters and removing barriers, stressing that Libya represents a 'natural extension' of Algeria's export strategy. He also called for the establishment of long-term economic partnerships that move beyond simple trade exchanges. Trade volume between Algeria and Libya has shown modest growth, rising from approximately $31 million in 2018 to around $65 million in 2021, with Algerian exports accounting for $59 million of that figure. Despite this growth, trade remains limited compared to the potential of both economies. To unlock this potential, both governments have launched an ambitious plan to boost annual trade to $3 billion. Key components of the plan include the opening of the 'Debdeb-Ghadames' border crossing, the enhancement of maritime transport, the creation of a free trade zone, and improved banking collaboration. Additionally, Algerian customs authorities have held meetings to implement a bilateral customs cooperation agreement and stimulate trade activities across the 900-kilometer shared border. These efforts aim to combat smuggling and streamline the flow of goods between the two countries. Tags: algeriaAlgerian GovernmentlibyaTrade
Libya Herald
09-06-2025
- Business
- Libya Herald
Algeria seeks to facilitate the flow of Algerian goods and services to the Libyan market
Algerian media reported that Foreign Trade and Export Promotion Minister Kamal Rezig chaired a coordination meeting last Wednesday (4 June) with a number of economic operators active in the field of exports to the Libyan market. The meeting was devoted to discussing ways to facilitate the flow of Algerian goods and services to this market, according to a Ministry statement. The Libyan market is deemed one of the most promising markets for Algerian products and services. This meeting is part of a series of consultations between the ministry and various economic actors, in the presence of the Governor of the Bank of Algeria, the Commissioner-General of the Association of Banks and Financial Institutions, the Vice-President of the Algerian Economic Renewal Council, as well as officials from the ministry. During the meeting, Minister Rezig affirmed his commitment to helping ensure the flow of Algerian exports, by supporting logistical aspects, improving the regulatory framework, and strengthening coordination with banking and financial authorities to secure commercial transactions. Promotion of exports outside the hydrocarbon sector The minister stressed that these efforts fall within the framework of the implementation of the strategy to promote exports outside the hydrocarbon sector, in implementation of the directives of the Algerian President, Abdelmadjid Tebboune, who he said attaches great importance to activating the economic partnership between Algeria and neighbouring countries. The minister also highlighted that the Libyan market is a natural extension of Algerian exports, and provides promising opportunities not only for the marketing of products, but also for the establishment of lasting and solid economic partnerships. During the meeting, Algerian exporters expressed their concerns and reviewed the obstacles they face on the ground, with the aim of reaching practical solutions in coordination with various sectors, especially financial and banking.
El Chorouk
21-02-2025
- Business
- El Chorouk
The 750 Euro Grant Will Not Exclude Land Travelers
English The government officially launched the 750 euro tourist grant disbursement after Eid el-Fitr, which will include land travellers. Meanwhile, the Bank of Algeria is strengthening its presence by deploying special branches in international airports and continuing to open exchange offices in ports. In light of these unprecedented financial movements, the Finance Committee of Parliament anticipates a possible decrease in the price of hard currency in the black market. Bets are placed on narrowing the gap between the official and parallel prices and curbing speculation. In this context, the head of the Finance and Budget Committee of the National People's Assembly, Oussama Arabaoui, told 'Echorouk' that the Finance Committee, its chairman and members, had previously raised the issue of the tourism grant repeatedly with the successive finance ministers in the sector, given its importance to the Algerian citizen travelling abroad, and that the recent statement by Minister Abdelkrim Bouzred sends good news, especially since the instruction that will determine the date of the decision's entry into force and the methods of benefiting from the grant ordered by the President of the Republic, Abdelmadjid Tebboune, will be issued directly with Eid el-Fitr, and this grant will not exclude land travellers, which is considered a positive decision. Arbaoui explained: 'As Chairman of the Finance and Budget Committee of the National People's Assembly, I welcome the announcement made by the Finance Minister during his presentation of the draft budget settlement for 2022, regarding the entry into force of the tourism grant after Eid el-Fitr at the latest, after it was proposed by the members of the committee in the discussion,' stressing that this announcement comes within the framework of the state's efforts to enhance financial transparency and reduce the gap between the official and parallel exchange rates, in line with the authorities' initiation of establishing exchange offices that have been set up in Algerian airports and ports, including allocating branches for the Bank of Algeria at Algiers International Airport, to enable travelers to benefit from the tourism grant exchange service. The Chairman of the Finance Committee believes that this step reflects the government's commitment to developing the financial system according to a balanced vision that responds to citizens' aspirations and at the same time takes into account the stability of public finances, as it is expected to contribute to improving the purchasing power of travellers, reducing reliance on the parallel market, and strengthening the role of official financial institutions, in addition to supporting the banking sector by increasing official flows of hard currency, which enhances Algeria's image as a country that relies on modern and flexible financial policies. The speaker went on to remind that the tourism grant file was of great interest to the Finance and Budget Committee, as it was raised in many interventions by committee members during previous meetings with the former minister, which reflects the MPs' preoccupation with this vital issue and their keenness to find practical solutions that respond to citizens' aspirations. Raising the tourism grant to 750 euros also confirms the state is keen to accompany citizens and provide appropriate conditions for their travel for various purposes, whether tourism, study or treatment, reflecting an integrated economic approach aimed at achieving a balance between responding to citizens' needs and ensuring financial sustainability. 'While we appreciate this initiative, we call for continuing reforms aimed at enhancing financial and social stability, and developing the banking system in line with economic transformations, as part of the government's efforts to enhance economic growth and achieve sustainable development,' Arabaoui added. Finance Minister Abdelkrim Bouzred had previously announced on Thursday, during a general session of the National People's Assembly devoted to asking oral questions to several government members, that the travel grant in hard currency would officially come into effect at the end of March or immediately after holy Eid el-Fitr. Previously, President Tebboune had ordered, in a cabinet meeting early last December, to raise the tourism grant to 750 euros per year for adult travellers, and 300 euros for minor travellers, while raising the Hajj grant to $1000. Share
