Bank of Algeria: New rules on banking operations

Algiers- The Bank of Algeria has promulgated a regulation in which it sets new rules on conditions applicable to banking operations.

• This new text, published in the latest gazette, defines operations of banks and financial institutions made in their relations with customers, as defined by the Order of August 2003 on the Currency and Credit.
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• Stressing that banks and financial institutions can offer their customers specific banking products, the regulation states, however, that ''for better risk assessment relating to new products and to ensure harmonization between instruments, the marketing of any new product must subject to prior authorization by the Bank of Algeria.
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• Ennaharonline/ APS