Algerian Finance Minister Aziz Fayed confirmed that several measures have been taken regarding granting loans by banks to encourage investment and fight bureaucracy.
Fayed explained, during his response to questions from members of the People's Assembly (the first chamber of the Algerian parliament) today at the council's headquarters in Algiers, that the processing period for loan files has been reduced to one month as a maximum for all types of loans.
He added that 75 percent of the loans granted by banks during the past year were directed to investment, of which 55 percent were directed to the private sector.
Concerning the opening of currency exchange offices, the Algerian Minister of Finance confirmed that the Bank of Algeria (the central bank) is in the process of drawing up the application texts related to the establishment and operation of exchange offices and that they will be ready as soon as the monetary and banking law enters into force, noting that it will allow the opening of these offices at various points. strategy (airports, ports, tourist areas), as well as across different cities and states, in order to facilitate the attraction of hard currency.
Source: Middle East News Agency