Algeria, January 4, 2018

1

Foreign trade characterized by banking measures and import regulation

Algeria's foreign trade deficit declined significantly in 2017 as a result of recovering oil prices. The expected drop in imports however did not materialize, despite the extension of quantitative quotas and the establishment of banking measures.

Algeria’s imports declined by little more than 1 billion dollars compared to 2016 to around 45 billion dollars, while the goal set for 2017 was a reduction to 30 billion.

The government has decided to continue reducing imports and encourage domestic production by temporarily suspending importing several hundreds of products, raising taxes and tariffs for others and suppressing some import licenses.

Since early 2017, the Bank of Algeria has also issued a series of measures to provide a framework for foreign trade, in order to further contain imports. Banks have thus been requested to suspend all banking domiciliation for citrus fruit and fresh vegetables imports.

En.aps.dz reports that suspension of imports is expected to affect 851 products as from 2018.

freshplaza



Forex News Headline



Forex Market Video