In an effort to boost financial transparency and strengthen Algeria's economy, Minister of Finance Laaziz Fayed has announced new measures regulating the export of foreign currency, with a €7,500 annual cap for both residents and non-residents.
To enhance financial integrity and curb parallel market activities, Algeria's Finance Minister, Laaziz Fayed, unveiled a strategic framework for the export of foreign currency. The regulation, formalized under Regulation 24-05, imposes an annual ceiling of €7,500 for all residents and non-residents, aiming to limit transactions to official banking channels. This includes a requirement for a bank-issued withdrawal certificate to ensure traceability of foreign currency flows.
The €7,500 cap applies to the civil calendar year, allowing travelers flexibility in how the total amount can be exported across one or more trips. While the regulation doesn’t restrict the number of trips, it mandates that the total sum does not exceed the annual ceiling.
In response to parliamentary inquiries, Fayed clarified that the regulation modifies a previous framework from 2016 (Regulation 16-02), which governs the import and export of foreign currency. He emphasized the constitutional basis for these measures, referencing Articles 9 and 23, which charge the state with safeguarding economic interests and regulating foreign trade.
The finance minister stressed that the policy is part of a larger effort to reduce informal financial practices and promote transparency in foreign currency dealings. This initiative aligns with the country’s broader strategy to modernize its financial systems, making international bank cards a central component of the solution. These cards will offer Algerians a secure and convenient way to manage foreign currency transactions, reducing the reliance on physical cash and curbing the risks of smuggling and money laundering.
Minister Fayed concluded that the regulation is designed to protect the nation's economic sovereignty while aligning with international financial standards. By improving banking transparency and encouraging the formalization of currency transactions, the government aims to foster greater trust in Algeria’s financial system, benefiting both the local population and the Algerian diaspora.
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