Further to the Resolutions of the Council of Money and Credit, of April 8 th 2013;
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1 REGULATIONS 2013
2 REGULATION OF APRIL 8 TH, 2013 SETTING GENERAL RULES DEFINING BANK CONDITIONS APPLICABLE TO BANK TRANSACTIONS The Governor of the Bank of Algeria, Whereas Order of Juoumada Ethania 27 th, 1424 corresponding to August 26 th, 2003 relating to Money and Credit as amended and completed, namely its articles 62, 64, 66 through 73, 119 bis and 119 etr; Whereas the Presidential Decree of Rabie El Aouel 10 th, 1422 corresponding to June 02 nd, 2001 relating to the appointment of the Governor and Vice-Governors of the Bank of Algeria; Whereas the Presidential Decree of Rabie El Aouel 10 th, 1422 corresponding to June 2 nd, 2001 relating to the appointment of members of the Board of Directors of the Bank of Algeria; Whereas the Presidential Decree of Chaabane 26 th, 1423 corresponding to November 2 nd, 2002 relating to the appointment of a member of the Board of Directors of the Bank of Algeria; Whereas the Presidential Decree of Dhou El Kaada 24 th, 1424 corresponding to January 14 th, 2004 relating to the appointment of the Members of the Council l of Money and Credit of the Bank of Algeria, Whereas the Presidential Decree of Joumada El Ouala 5 th, 1427 corresponding to June 1 st, 2006 relating to the appointment of a Vice Governor of the Bank of Algeria; Whereas Regulation of Moharram 15 th, 1428 corresponding to February 3 rd, 2007 relating to rules applicable to external current transactions and foreign currency accounts; Whereas Regulation of Joumada Ethania 1 st, 1430 corresponding to May 26 th, 2009 setting general rules defining banks conditions applicable to bank transactions; Further to the Resolutions of the Council of Money and Credit, of April 8 th 2013; promulgates the Regulation the content of which follows:
3 Article 1: The object of this Regulation is to set the general rules defining the bank conditions applicable to bank and financial institutions transactions. Article 2: The transactions carried out by Banks and Financial Institutions when dealing with their clients shall be considered as bank transactions as defined by Articles 66 through 69 of the above-mentioned Order N of Joumada Ethania 27 th, 1424 corresponding to August 26 th, 2003, as amended and completed. Article 3: Banks and Financial Institutions may propose to their clients new savings and credit products. However, in order to ensure a better assessment of the risks thereon and harmonization among instruments, the marketing of any new product shall be subject to a prior authorization delivered by the Bank of Algeria. Article 4: Bank conditions mean remuneration, tariffs and fees applicable to bank transactions carried out by Banks and Financial Institutions. Article 5: Banks and Financial Institutions shall be compelled to inform their clients and the public, by all means, about bank conditions they practise for the transactions they carried out. In this regard, Banks and Financial Institutions shall be compelled to inform their clients of the terms of use open accounts, prices of different services to which they give access and mutual commitment of the bank and client. Such conditions shall be specified in the convention for opening account or on documents provided for this purpose. Article 6: For any transaction to account credit, banks shall compulsorily credit the client account within the time limit corresponding to the regulatory value date. Article 7: Value dates relating to bank transactions shall be regulated and stated precisely by an Instruction from the Bank of Algeria. Article 8: Any delay in the execution of a bank transaction, beyond the regulatory value date mentioned above shall result in a remuneration deposited in the client s account by the Bank or Financial Institution concerned. Article 9: Deposit and credit interest rates shall freely be fixed by Banks and Financial Institutions.
4 Overall effective interest rates on the credits granted by Banks and Financial Institutions shall by no means exceed the excessive interest rate fixed by the Bank of Algeria. Article 10: Banks shall be compelled to deliver the following bank services: - opening and closing accounts in dianrs; - delivering check book; - delivering savings book; - cash payment and withdrawal with domiciliary agency; - establishing and sending a quarterly account statement to client; - currying out account to account transfer, among individuals, within the same Bank. Article 11: The fee rates charged by Banks for operations of foreign trade to import and income transfers are the following: Type of fee Ceiling amount or maximum rates (*) documentary credit documentary discount or other transfer 1- Domiciliation AD 3000 AD Opening AD swift costs (AD 2500) 3- Commitment: 3.1- Provision constitution included 0.25% per undivided quarter with minimum AD Provision constitution excluded 0.65% per undivided quarter with minimum AD conversion and settlement fee 0.25% 0.25% with minimum with minimum AD AD swift swift costs costs (AD 2500) (AD 2500) 5- Amendment fee AD Acceptance fee AD 3000 (*) Excluding the reasonable expenses (Bank of Algeria foreign exchange, etc.).
5 Under these transactions, fees removal, other than listed above, shall not be authorized. Article 12: Fees mentioned in the previous article shall be recorded in the bookkeeping of the bank in individual accounts. Article 13: Banks shall be compelled to send to the General Department of the General Inspectorate of the Bank of Algeria a quarter statement of income derived from external trade to import and income transfers. Article 14: Foreign exchange rate applicable to clients, under the payments and transferts related to current international transactions also other authorized payments, shall be the effective rate of the execution of foreign exchange hedging transaction on the interbank foreign exchange market. Article 15: Excepte free bank services and fees, provided for in Articles 10 and 11 of this Regulation, rate and levels of other fees are freely fixed by Banks and Financial Institutions. The latter shall be compelled to strictly observe terms applicable to bank transactions that they set. Article 16: Terms of application of provisions of this Regulation, including those relating to excessif interest rate, are fixed by Instrucction issued by the Bank of Algeria. Article 17: Any provision contrary to this Regulation shall be repealed, namely Regulations of Joumada Ethania 1 st, 1430 corresponding to May 26 th, 2009 setting general rules defining bank conditions applicable to bank transactions. Article 18: This Regulation shall be published in the Journal Officiel of the Peoples Democratic Republic of Algeria. The Governor Mohamed LAKSACI
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