Algeria News & Events, Latest News for Algeria

Update: Monday, 14 April 2008    

CPA capital laid for privatisation

The financial reform minister to El Khabar
Monday Sep 04 2006.

The deputy-minister of finance in charge of financial reform stated to El Khabar that Algeria People’s Credit CPA’ capital is to be opened for privatization during this month or by next October at the latest.

He further said that the financial and banking reform is going at a regular pace, and stressed that the opening of bids envelope related to Algeria People’s Credit CPA’ capital opening will take place before next December end, whereas February 2007 will be the capital opening deal signature date.

In this regard, the minister made clear that “Rothschild” business bank will oversee the opening in collaboration with finance ministry. The opening of the first state owned bank capital will be decided on, by this year’s end or the beginning of next year. Its shares are to be transferred to a foreign one; as a matter of fact around 40 foreign bank mainly French ones seem to be interested in the bid and the CPA capital opening.

In another hand, Djoudi revealed that the financial authorities started Thursday, the new banking transfer system implementation through which 90% of payment operations are carried out, which is likely to guarantee funds transfer safety and its follow up by the official empowered to authorise the payment until their delivery, it also allows a transparent monitoring of funds transfer. The financial authorities have already started dealing with new banking checks, last 15th May.

As regards the 30th session of banks governors and Arab monetary institutions council, due to be opened by President Bouteflika this morning, at Hilton Hotel, Djoudi said: “it is technical annual meeting related to the Council’s internal issues”.

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