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After the country's independence, an agreement transferring the issuing privilege of the Banque de l'Algérie was signed on 13 December 1962. This convention includes two financial agreements signed betweenAhmed Francis, the Algerian Minister of Finance and Jean-Marcel Jeanneney, the French Ambassador to Algeria, concerning the relations between the Algerian Treasury and the French Treasury and the transfer of the issuing privilege of the Banque de l'Algérie to the Bank of Algeria with the technical assistance of theBank of France.[3]
The Bank of Algeria sets the conditions under which banks and financial institutions in Algeria and abroad can be allowed to be in Algeria and to operate there. It establishes, moreover, the conditions under which such authority may be amended or withdrawn. An example of this occurred when the Bank of Algeria announced new regulations relating to money laundering that required all banks in Algeria to open bank accounts only when the holder is present.[4] This is despite half of Algeria's currency exists outside of banks due to a lack of a stable commercial banking system.[5] The current Governor of the Bank of Algeria is Salah Eddine Taleb.[6]
^abOthman, Farhat (2001).Les accords franco-arabes: des origines des relations bilatérales à nos jours (in French). Vol. 1. Paris/Montréal (Québec)/Budapest etc.: Harmattan. p. 31.ISBN2-7475-0484-0..
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