Algerian Government to Implement Key Reforms on Tourist Currency Allocation and Strengthen Financial Oversight

✍️ BY: Dr. Hana Saada

Finance Minister Announces Imminent Measures by the Bank of Algeria on the €750 Travel Allowance, Confirms Advances in Anti-Money Laundering and Islamic Finance

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Algiers, Algeria | June 19th, 2025 — In an address before the People’s National Assembly (APN) last Thursday, Algeria’s Minister of Finance, Abdelkrim Bouzred, confirmed that the Bank of Algeria will soon unveil concrete measures regarding the implementation of the new €750 tourist currency allocation. The long-anticipated reform, initially announced following directives by President Abdelmadjid Tebboune, is now entering its final preparatory phase.

Speaking during a plenary session dedicated to oral questions, Bouzred clarified that while the decision to grant the allocation is of political origin, its execution, oversight, and potential revision fall exclusively under the authority of the Bank of Algeria, not the Ministry of Finance. “The President made a political commitment to introduce this measure, but the technical conditions, upward or downward adjustments, and implementation fall solely under the Bank’s jurisdiction,” he affirmed.

In support of this policy, the Finance Ministry has already provided customs services at national borders with necessary logistical and operational resources, ensuring that the forthcoming deployment of the tourist allocation will proceed smoothly.

Though specific details remain confidential, Bouzred assured that the Bank of Algeria will imminently take the necessary regulatory steps, putting an end to the prolonged uncertainty surrounding the currency allowance policy.

A Coordinated National Push Against Financial Crimes

Shifting focus to Algeria’s position on the global anti-money laundering and counter-terrorism financing index, Bouzred addressed efforts to remove Algeria from the Financial Action Task Force (FATF) “grey list”. He disclosed that a comprehensive national report is nearing completion, under the supervision of the National Commission for the Prevention and Fight Against Money Laundering and Terrorism Financing (CNPLBFT).

According to the minister, 95% of the recommendations and technical reservations raised by international evaluators have been resolved. The final report is scheduled for completion by the end of June, with official transmission to relevant authorities in July. A follow-up evaluation meeting is already scheduled for September in Luxembourg, marking a critical milestone in Algeria’s path toward full financial transparency and compliance by 2026.

A Major Leap for Islamic Finance in Algeria

On the issue of Islamic finance, Bouzred voiced strong optimism, describing the sector’s performance as “positive and satisfactory.” He revealed that the ministry is preparing to launch a fully public bank dedicated exclusively to Islamic finance, along with the issuance of sovereign sukuk (Islamic bonds). “By issuing sovereign sukuk, we will complete the current cycle of Islamic finance operations,” he declared.

The sector has made significant strides since 2020. Out of 20 banks operating in the country, 12 now offer Islamic finance services, including two institutions fully specialized in Sharia-compliant banking. Currently, 87 branches and 861 dedicated windows, including 700 within public banks, are providing Islamic banking services nationwide.

As of September 2024, Islamic finance accounts have exceeded 745,500, with total deposits nearing 506 billion Algerian dinars—a remarkable milestone in Algeria’s financial diversification strategy.

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