After years of stagnation and freezing, the automotive file in Algeria has continued to make progress since last October, when the President of the Republic gave a big boost, announcing the green light for the importation of vehicles less than 3 years old. A few days later, the Ministry of Industry in turn announced the signing of an agreement with the Italian brand Fiat, for the opening of a car assembly plant in Oran. So this year 2023 will mark the revival of the automotive sector in Algeria.
In this sense, after announcing the launch of Islamic credits for the acquisition of vehicles, the National Bank of Algeria revealed the conditions of sale of cars in several times, according to the Islamic bank. This came after obtaining a license from the Supreme Islamic Council, as well as the Bank of Algeria.
On the sidelines of an information day on the 2023 finance law, Amina Othmnia, head of the banking department at BNA, explained that the bank in question was setting conditions for car sales in installments according to the Islamic bank.
The head of the banking department at BNA adds that the financing rate will reach 85% of the value of the car. Also specifying that the loan repayment period will be spread over a maximum of 5 years.
According to Othmania, the buyer or acquirer of the car in installments must have regular income and prove it. In addition to being able to repay this loan. But also that the vehicle is manufactured in Algeria.
What is the deadline for the resale of imported vehicles less than 3 years old?
The import file for cars less than 3 years old has undergone new measures. According to an official accredited with customs, Mohamed About, the law relating to the importation of cars by individuals is in the process of being prepared. Indeed, the same person gave more details in this regard.
Indeed, according to him, anyone who has imported a vehicle less than three years old will not be able to resell it within 3 years after its acquisition, from the date of purchase. Through a statement given to the Arabic-language daily Ennahar, Minister of Industry Ahmed Zeghdar said, for his part, that car prices will drop by opening the door to individuals to import this type of vehicle.
In the same vein, he said that the market will be subject to the law of supply and demand, which will therefore allow the resumption of control over the prices of four-wheeled vehicles.
