Algeria Implements New Rules for Foreign Currency Export: Key Changes
On Thursday, November 21, Algeria introduced significant amendments to its regulations regarding the export of foreign currency by resident and non-resident travelers. The updated measures, issued by the Bank of Algeria, aim to streamline the process and ensure compliance with international standards. Below are the key changes:
Key Changes to Foreign Currency Export Rules
• New Annual Limit: Residents and non-residents are now limited to exporting €7,500 (or equivalent in another foreign currency) per calendar year, compared to the previous per-trip allowance.
• Bank Debit Requirement: Exporting this sum requires presenting a bank debit notice for amounts exceeding the declaration thresholds, drawn from a foreign currency account in Algeria.
• Exchange Authorizations: Travelers can export amounts exceeding the €7,500 limit if authorized by the Bank of Algeria.
• Mandatory Declarations: Import or export of banknotes and negotiable instruments equal to or exceeding €1,000 must be declared to customs upon entry or exit.
Details of the New Regulation
The Bank of Algeria’s latest regulation modifies the 2016 framework governing the import and export of foreign currency. Under the previous rules, travelers could export up to €7,500 per trip as long as they provided a bank debit slip from their Algerian foreign currency account.
The new regulation introduces an annual cap of €7,500 per calendar year for travelers exporting foreign currency. This means that residents and non-residents can no longer carry the same amount on multiple trips within the same year.
To export this sum, travelers must present a bank debit notice confirming the withdrawal from a foreign currency account held in Algeria. This ensures that the funds comply with the country’s financial regulations.
Exceptions and Additional Measures
The Bank of Algeria allows the export of amounts exceeding €7,500 if travelers obtain exchange authorizations from the central bank. Additionally, international bank cards are permitted for use abroad, providing a flexible alternative for financial transactions.
Travelers are still required to declare any imported or exported foreign currency equivalent to €1,000 or more at customs, maintaining transparency and accountability in currency movements.
Implications
These changes reflect Algeria’s efforts to regulate foreign currency flow more effectively and align with international financial practices. Travelers are advised to stay informed about the new limits and procedures to avoid potential complications during international travel.
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