Bank of Algeria: Financing the economy is the focus of a quarterly meeting with banks and financial institutions – Al-Hiwar Algeria

The Governor of the Bank of Algeria, Salaheddine Taleb, held today, Wednesday in Algiers, the quarterly meeting with banks and financial institutions, where the main topic revolved around financing the economy.

A statement from the Bank of Algeria stated that during this meeting, banks were called upon to “strengthen and develop the financing of the economy, since the latter record appropriate conditions in terms of liquidity and ability to pay, which indicates the availability of a large margin in this field.”

The same source confirmed that the analysis of circumstantial indicators for the period between 2022 and the end of March 2023 indicates growth in loans, but it remains “insufficient” in view of the financing capabilities of the banking sector.

On the other hand, the meeting allowed – the statement adds – to conduct a fruitful discussion between the Bank of Algeria and banks and financial institutions, especially on actions that would give a new dynamism in the optimal mobilization of the financing capabilities available to banks.

The Bank of Algeria also added that the new legal framework responds better to innovations and technological developments, stimulates more investments through the emergence of new players and expands the offer of financing products and banking services.

It is also related, according to the same source, to “a basic stage that the banking system must adapt to by contributing to the establishment of an effective banking industry that will ensure sustainable development.”