The governor of the Bank of Algeria, Mohamed Lukali, has confirmed the bank will issue new rules and regulations for the sale of imports.
All imports that are meant for sale will be settled on prior notice before the goods reach the national customs area. The importer must guarantee the financial coverage of the imports of 120 percent for one month before the import with the settlement bank.
The new regulations are meant to bring about better procedures that are more efficient and that are able to carried out in a practical way.
The changes are part of the amendment of the 2007 regulation on foreign exchange and foreign currency accounts which was approved by the Monetary and Loan Council.