2023-06-27 19:00:05
ALGIERS – The monetary and banking law aimed at modernizing the banking system, strengthening its regulatory and control missions, and allowing it to be in tune with the methods in force at the international level, has been published in the Official Journal n 43.
This is Law N 23-09, of June 21, 2023, on the monetary and banking law, signed by the President of the Republic, Mr. Abdelmadjid Tebboune.
The text of the law concerns several novelties, including the strengthening of the governance of the Bank of Algeria (BA), via several aspects, in particular the system of mandate for the exercise of the function of Governor and vice-governors of the BA, as well as the extension of the prerogatives conferred on the Money and Credit Council (CMC), and also the creation of a national commission responsible for setting up a draft national strategy for the development of means of payment.
In terms of strengthening monitoring and control mechanisms, the text proposes the creation of new committees, in particular that of financial stability, which will be responsible for macro-prudential control and crisis management, whose main mission is to develop an annual report to be submitted to the President of the Republic.
On the other hand, the new text consecrates, through several provisions, the development of Islamic financing and green finance, or the possibility of issuing a digital currency, which will be developed, issued, managed and controlled by the BA, and called central bank digital currency (Algerian Digital Dinar).
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