Today, Thursday, the Bank of Algiers issued new instructions for banks, confirming the obligation to assess the risks associated with foreign trade and determine the necessary measures to reduce them.
And the National Radio published that Instruction No. 2-2022, signed by the Governor of the Central Bank, Salah al-Din Talib, stated that, with regard to the localization of foreign trade operations, accredited intermediary banks should assess the relevant risks, taking into account, in particular, the quality of commercial parties, and identify measures to mitigate these risks.
This directive regarding the risk management of settlements in foreign trade transactions comes into force from today, Thursday.
The instructions stated that Regulation No. 07-01 of February 3, 2007, with amendments and additions regarding the rules applicable to current transactions with foreign countries and currency accounts in particular, is the basis for conducting foreign economic transactions, which accredited intermediary banks must respect .
She added that “the internal procedures and regulations of approved intermediary banks, reflecting the provisions of Regulation No. 07-01, must comply with the requirements of Regulation 08-11 of November 28, 2011, regarding internal control, especially in relation to the management of risks for which bank liability.
Source: Al Nahar Al Jazeera.