Algeria settled bank accounts for foreign trade with Spain: previous order “no longer valid”

Algeria Unlock bank accounts used for foreign trade with Spain. ABEF banking association sent an informative note to banks and financial institutions stating that it is “no longer valid” Order to freeze accounts used to make foreign trade payments with Spain on 8 June. The circular was developed by the Algerian media at the French TSA, and this newspaper also gave it access. The Professional Association of Banks and Financial Institutions (ABEF) is the employer of a government-controlled bank that is mostly State-owned. It is therefore hoped that this communication will be supported by the manager of Abdelmadjid Tebboune and that this communication will begin the unblocking of Spain’s exports to Algeria, which amounted to approximately 1,900 million euros last year.

The letter dated 28 July 2022 read, “Dear Managers of Banks and Financial Institutions. About the measures regarding the freezing of direct debts in foreign trade transactions to and from Spain.”I am honored to mention after consideration of the precautionary measures referred to in this document and after consultation with foreign trade-related actors, it is no longer applicable”.

In another statement that this newspaper has access to, the Bank of Algeria announced that “direct debiting of foreign trade transactions depends on authorized intermediary banks”. assessing structural risks, taking into account in particular the quality of commercial counterparties and establishing appropriate measures to mitigate these risks”.

Both circulars were sent a few days after Algerian customs officials learned that Abdelmadjid Tebboune had asked the Government for clarification on how penalties would be applied to Spain in operations prior to 8 June. “The situation puts Algerian companies with economic ties to Spain into complete uncertainty,” said the Algerian media outlet TSA.

Since he could not see what the real application of this order is in the field and if there are other restrictions at the customs, the note points out that the barriers to foreign trade between Spain and Algeria have been removed. The retaliatory measure occurred at the same time as the Executive Office. Tebboune orders suspension of Treaty of Friendship with Spain To explain his turn regarding Western Sahara after Pedro Sánchez’s appearance in Congress (recognizing Morocco’s autonomy plan as the “most credible”).

Foreign Minister José Manuel Albares took the commercial case to Brussels, as the EU has the authority to deal with foreign trade with countries such as Algeria. “EU, willing to face any coercive measures High Representative of Foreign Affairs Josep Borrell and European Commission Vice-President and Head of Trade Valdis Dombrovskis said in a joint statement after meeting with the Spanish minister that they had filed a complaint against one of its member states.

Shortly thereafter, he dismissed the Algerian finance minister. relates to ABEF order.

In this month and a half, Neither Madrid nor Brussels made a statement. Except for a brief appearance by the Secretary of State for Commerce in Congress, he’s been on the case ever since. In the report, he acknowledged that foreign trade with its Maghreb neighbor has actually been completely stopped and that he is in daily contact with Brussels to announce commercial events.

Diplomatic relations between Madrid and Algeria are completely paralyzed. Algeria withdrew the ambassador as soon as a change of stance on the solution to Spain’s occupation of Western Sahara emerged in March, and has since not been replaced, although some of the embassy has been in low-profile Spain.

Source: Informacion

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