Finance Minister Laziz Faid gave more details regarding the role of the Bank of Algeria in stability, explaining that the current inflation is due to non-monetary reasons.
Indeed, it was yesterday, Tuesday April 4, 2023 that Minister Faid raised these two subjects during a plenary session at the National People’s Assembly (APN) devoted to the examination of the monetary and banking bill, chaired by the Vice-President of the Lower House of Parliament, Ghali Lansari, in the presence of the Minister for Relations with Parliament, Basma Azouar.
Regarding the role of the Bank of Algeria in price stability, he stressed that “inflation is currently due to non-monetary reasons and multiple exogenous factors such as disruptions in the supply chain. supply caused by the Covid-19 pandemic, which led to a shortage of certain products and an increase in the prices of available products, as well as an increased demand in certain sectors, leading to higher prices”.
READ ALSO: Ramadan 2023 – soaring fruit and vegetable prices: APOCE calls for them to be regulated
In addition, the Minister of Finance also affirmed that “the management of inflation is a complex challenge and that central banks have limited tools to control it”.
What about the increase in the tourist allowance and the opening of exchange offices in Algeria?
In addition, the Minister of Finance, Laziz Faid, also gave more details regarding the increase in the tourist allowance for Algerians and the opening of exchange offices.
READ ALSO: Increase in tourist allowance and exchange offices – Algeria: what did the minister say?
Regarding the opening of exchange offices, the Minister affirmed that the Bank of Algeria is in the process of putting in place the regulatory texts relating to the creation and operation of these offices which will be ready as soon as the law on currency and credit will come into force, adding that these offices can be opened in different strategic points (airports, ports, tourist areas), and across the different cities and wilayas to attract foreign currencies, while revising the profit margin of these offices.
And concerning the increase in the tourist allowance, the Minister of Finance said that a study “is being carried out by the Bank of Algeria in this regard”.
