Orders To Register Profits Of Services And Fresh Products With “Hard Currency” On Conditions

April 25, 2021

The Bank of Algeria approved a set of facilities in the field of current financial transactions with abroad and accounts in hard currency for the benefit of exporters, based on the requests previously submitted by the latter, including granting the same privileges to export goods to service exporters in the field of bank localization, and enabling exporters to register the revenues obtained in the accounts in hard currency held by the exporter, while adhering to the conditions specified by an instruction from the Bank of Algeria, which is expected to be issued soon, in addition to granting facilities to exporters of fresh products by enabling them to obtain bank resettlement as soon as they are declared by customs.

According to what was included in the latest issue of the Official Gazette, relating to the rules applied to current transactions with abroad and accounts in hard currency, this system aims to amend Regulation No. 07-01, whereby it applies to the bank domiciliation of contracts for exporting services and collection and the transfer of their products the same rules applied to exports of goods as exports of digital services via the Internet and services of emerging enterprises, as well as exports of services for non-commercial professionals, who are also exempted from banking settlement procedures.

The providers of these services must deposit with the banks at whose level they resettled a declaration containing a description of the project or projects with reference to all the details, in addition to other information related to the unit price and the date it was placed on the Internet.

According to the same source, every payment is collected as a consideration for services exported to a bank located in Algeria, and this payment is recorded on the credit side of the account in the hard currency of the exporter, whether he is a merchant or a professional non-trader, to be used as a priority and exclusively to meet the needs of his activity. However, export revenues are collected.

According to the text of the new decision, bank domiciliation of exports of perishable or dangerous fresh products can take place after the date of dispatch and declaration with customs within the deadlines specified under an instruction from the Bank of Algeria, and the exporter must refer in the customs declaration to the bank domiciliation references for the export contract, except for the stipulated exports.

These references are referred to within the specified time according to an instruction from the Bank of Algeria as the maximum term
According to the decree signed by the Governor of the Bank of Algeria, Rosthom Fadli, as soon as the transfer of revenues resulting from exports of non-fuel and exports from non-mining products to goods and services is achieved, the bank records, by order of the exporter, the amount of these revenues are obtained in the accounts in hard currency that he possesses while adhering to the conditions.

Specified by an instruction from the Bank of Algeria, however, revenues resulting from non-nationalized exports and those that are carried out outside the legal terms are collected in Algerian dinars.

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