Algeria Sets €7,500 Annual Cap on Currency Exports: Finance Minister Faid Outlines Rationale Behind New Policy

BY: Dr. Hana Saada

Algiers, Algeria | January 26th, 2025 —  In a bid to enhance financial transparency and strengthen Algeria’s economic integrity, the Minister of Finance, Laaziz Faid, announced a strategic framework for regulating the export of foreign currency. The measure imposes an annual ceiling of €7,500 for residents and non-residents, accompanied by the mandatory submission of a bank withdrawal document to ensure traceability and curb parallel market activities.

Responding to a parliamentary inquiry from MP Ahmed Rabhi regarding concerns over recent amendments to the regulatory framework, Minister Faid elaborated on the implications of the policy. He underscored that the decision, formalized under Regulation 24-05 issued on October 13, 2024, modifies Article 5 of Regulation 16-02 (April 21, 2016), which governs the import and export of freely convertible foreign currencies.

Faid clarified that the €7,500 cap applies to the civil calendar year, granting travelers the flexibility to export the sum in a single trip or across multiple trips. While the regulation does not explicitly restrict the number of trips, it mandates that the total exported amount must not exceed the annual ceiling.

The minister also defended the requirement for a bank-issued withdrawal certificate, noting that the provision, stipulated in Article 6 of the July 20, 2024 decision, aligns with earlier regulations, such as Article 8 of Decree 87-61 (March 3, 1987). This ensures that foreign currency is sourced from official banking channels, bolstering transparency and limiting reliance on cash-based transactions.

Faid emphasized that the measure is rooted in constitutional and legislative provisions designed to protect Algeria’s economy. He cited Article 9 of the Constitution, which mandates the safeguarding of national economic interests, and Article 23, which entrusts the state with regulating foreign trade. Furthermore, Law 23-09 on monetary and banking policy (June 21, 2023) authorizes the Bank of Algeria to oversee currency exchange and manage foreign reserves.

Aimed at Restoring Confidence in the Banking System

The policy aims to address structural inefficiencies in the financial system by redirecting currency transactions from the informal market into the formal banking sector. Faid highlighted the broader strategy to modernize payment systems and promote the use of international bank cards, offering Algerians a safer and more convenient alternative to cash transactions.

“By adopting international bank cards, citizens retain full control over their foreign currency accounts, whether for international transfers or payments. This not only enhances transaction security but also reduces the risks associated with physically transporting large sums of currency,” Faid stated.

The move is expected to align Algeria with global standards for financial flows, reduce the operational costs of supplying banks with foreign currency, and increase transaction traceability. Additionally, it reinforces Algeria’s commitment to combatting illegal financial practices, including money laundering and currency smuggling.

Provisions for Algerian Diaspora

Addressing concerns from the Algerian diaspora, Faid assured that the new measures do not impede their rights. Non-residents can freely import foreign currencies without restrictions, provided they declare the amounts to customs upon entry. They are also entitled to export previously declared sums, ensuring compliance with transparency requirements. Moreover, the diaspora retains the right to open foreign currency accounts with Algerian banks and exercise full autonomy over their deposits.

A Comprehensive Vision for Financial Sovereignty

The Finance Minister reiterated that the policy forms part of a broader national strategy to safeguard Algeria’s economic sovereignty. By fostering trust in financial institutions, promoting modern banking practices, and curtailing informal market activities, the government seeks to fortify its financial ecosystem.

“The annual cap and the accompanying regulations are not punitive; they are protective. This initiative underscores the state’s dedication to upholding the economic interests of its citizens while ensuring conformity to international norms,” Faid concluded.

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