The new rules of the Bank of Algeria ~ Investment,finance for businesses

Tuesday, August 31, 2021

The new rules of the Bank of Algeria

 

The new rules of the Bank of Algeria

The new rules of the Bank of Algeria 2021

For the currency that exporters get in the return for exporting Algerian products

The rules applicable to current transactions abroad and to currency accounts have just been modified by the Bank of Algeria. Article 57 of Regulation No. 07-01 of 15 Moharram 1428 corresponding to February 3, 2007, is thus amended, supplemented and published in OJ No. 30 of April 22, 2021.

Regulation No. 21-01 of 14 Chaâbane 1442 corresponding to March 28, 2021 stipulates that the rules for domiciliation of contracts for the export of services, collection and repatriation of their product are the same as those applicable to exports of goods. Bank domiciliation formalities, online exports of digital services, start-up services as well as exports of services by non-commercial professionals are exempted. These service providers are called upon to file with their domiciliary banks a declaration describing the project (s) with an indication, among other things, of the unit price and the date it was put online.

Under these operations, it is indicated that any payment received in return for exported services must be repatriated to a bank in Algeria. This payment is credited to the exporter's currency account (trader or non-trader), to be used primarily and exclusively, for the needs of his activity. However, export earnings from projects not previously declared to the domiciliary bank, will be cashed in Algerian dinars.

Article 60 of Regulation No. 07-01, which stipulates that the domiciliation of exports of fresh, perishable and / or dangerous products can take place during the five working days following the date of shipment and customs declaration, is modified, completed so that the domiciliation of exports of fresh, perishable and / or dangerous products can take place after the date of shipment and customs declaration within the time limit set by instruction from the Bank of Algeria.

According to the modification of Article 63 of the same regulation, the exporter is required to indicate, on the customs declaration, the references of the bank domiciliation of the export contract, with the exception of the exports referred to in Article 58 below. above. This indication is made at the latest within a time limit set by instruction from the Bank of Algeria.

From the repatriation of export earnings, excluding hydrocarbons and mining products, of goods and services, the bank credits the order of the exporter with the amount of revenue received in the account (s) in foreign currencies. 'he holds, in accordance with the terms set by instruction from the Bank of Algeria. However, the receipts of non domiciled exports and those repatriated outside the regulatory deadlines, will be collected in Algerian dinars.


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