The Minister of Finance, Mr. Laaziz Faid, announced in Algiers on Wednesday that a comprehensive new strategy is under consideration to improve the Algerian dinar exchange rate, with a clear objective of driving economic development. Speaking during a plenary session at the National People's Assembly (APN), Mr. Faid highlighted that determining the exchange rate involves several economic factors and is aimed at maintaining monetary stability. The value of the dinar is measured against a basket of currencies, serving as a benchmark.
Mr. Faid noted that ongoing deliberations are focused on crafting a fresh approach to enhance the exchange rate and strengthen the value of the Algerian dinar, which is projected to accelerate economic progress. He emphasized that the Bank of Algeria is responsible for setting the dinar's value and authorized the Monetary and Banking Council as the monetary authority to establish exchange rate policies, regulation methods, and market organization.
On the subject of tourist allowances, Mr. Faid reiterated the President's directive to increase their value, explaining that the allowance will be determined by the Bank of Algeria in accordance with its monetary and banking law mandates. The Finance Minister also stressed that eradicating the parallel currency market requires a joint effort from various ministerial bodies and institutions to implement market regulations, enhance transparency, and ensure rigorous oversight of commercial and economic transactions.
This new strategy, aimed at improving the Algerian dinar exchange rate, underscores Algeria’s commitment to fostering economic growth and stability through effective monetary policies and collaborative efforts.
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