Imports: New Central Bank’s measure to come into force Sunday

Published on : Saturday, 21 October 2017 15:22   Read : 299 time(s)
Imports: New Central Bank’s measure to come into force Sunday

ALGIERS- A measure of the Bank of Algeria (the Central Bank), determining the new terms of domiciliation of imports of goods, destine for the resale in the same condition will come into force on Sunday, October 22nd, officials from the Bank of Algeria told APS.

This instruction from the Central Bank, which will be transmitted to banks, "is intended to regulating all the procedures of the import of goods, destined for the resale in the same condition," they explain.

These new provisions make, henceforth, mandatory the domiciliation of all imports subject to resale in the same condition, and this, prior to any shipment of goods to the customs territory of Algeria.

The measure also requires a prior financial provision that covers 120% of the amount of the imported good, at the time of the domiciliation.

 This new measure is meant, added the same officials, “to facilitate and fully implement all the measures to regulate the foreign trade."  

Algeria's foreign exchange reserves may fall to $ 97 billion by the end of December 2017, according to the forecasts recently announced by Minister of Finance, Abderrahmane Raouya.

The Algerian imports are declining but at a slow pace: they reached $ 46.72 billion in 2016 compared to $ 51.7 billion in 2015 (-9.62%).

Over the first 8 months of 2017, they amounted to $30.84 billion against $31.65 billion  over the same period of 2016 (-2.6%).

According to the forecasts of Minister of Commerce, Mohamed Benmeradi, the global bill of imports may range, at the end of 2017, between $40 and $41 billion.

Last modified on Thursday, 26 October 2017 17:57
Imports: New Central Bank’s measure to come into force Sunday