Toward a Cashless Algeria by 2028: Central Bank Governor Highlights the Nation’s Economic Resilience and Monetary Reform Strategy
✍️ BY: Dr. Hana Saada
Algiers – October 2025 – In a move toward financial modernization, the Governor of the Bank of Algeria, Salah Eddine Taleb, reaffirmed the country’s unwavering commitment to achieving a cashless economy by 2028, under the comprehensive strategy established by the National Payments Committee, founded last year to modernize and streamline banking transactions across the nation.
In an interview with the Algerian Press Service (APS) published Friday evening, Taleb stated that “one of the key commitments enshrined in the new Monetary and Banking Law is the firm pledge to accelerate the modernization and digital transformation of the national banking system, notably through the creation of the National Payments Committee, which has devised a strategy aimed at achieving cashless transactions by 2028.”
The National Payments Committee, chaired by the Governor of the Bank of Algeria, includes representatives from Algerie Poste, the General Directorate of Internal Security, the National Police, the National Gendarmerie, the Association of Banks and Financial Institutions, and several experts in finance and banking technology.
The committee is tasked with monitoring the evolution and expansion of non-cash payment methods, overseeing the use of international payment tools in Algeria, and promoting innovation in digital payment systems. It is also responsible for updating the national strategy for non-cash payments, covering checks, transfers, and electronic payment solutions.
Strong Economic Fundamentals Amid Global Volatility
Governor Taleb underlined that Algeria’s economy has demonstrated remarkable resilience, sustained by robust non-hydrocarbon growth, comfortable foreign exchange reserves, negligible external debt, declining inflation, and a solid banking sector that has withstood successive global shocks.
He highlighted the proactive policies adopted by the Bank of Algeria to counter successive global crises in recent years — including the COVID-19 pandemic, geopolitical tensions, volatile commodity and energy prices, food supply disruptions, and tightened monetary policies in advanced economies.
During the post-pandemic recovery phase, the central bank prioritized curbing inflation, nearly 70% of which was imported due to rising global costs. The appreciation of the national currency played a crucial role in mitigating imported inflation, supported by strong external indicators such as a surplus in the balance of payments and high foreign exchange reserves.
Taleb further revealed that the recent decline in the national inflation rate, which dropped to 2.66% in August 2025—below the monetary policy’s target threshold—prompted the Monetary and Banking Council to lower the key interest rate by 0.25%, stabilizing it at 2.75%. This move, he explained, aims to enhance the banking sector’s capacity to finance the national economy and sustain growth momentum.
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