Econostrum | Economic News in the Mediterranean

Abdelmadjid Tebboune dismisses the governor of the central bank of Algeria

Written by Eric Apim on Wednesday, May 25th 2022 à 12:05 | Read 747 times

A new governor will take over the destiny of the Bank of Algeria (photo:DR)
A new governor will take over the destiny of the Bank of Algeria (photo:DR)
ALGERIA. Algerian President Abdelmadjid Tebboune decided on Monday 23 May 2022, to dismiss Rosthom Fadli, governor of the Bank of Algeria. He had been appointed less than two years ago, in September 2020, while he was, since June 2020 as deputy governor, the interim of this function following the appointment of his successor Aymen Ben Abderrahmane as Minister of Finance.

Rosthom Fadli had as a roadmap a thorough revision of the Law on Money and Credit (LMC) dating from 1990. But, twenty months later, as the Algerian press notes, no draft has yet been submitted. Abdelmadjid Tebboune had also asked the governor to work on the opening of Algerian banks in Europe and Africa to promote remittances and boost trade between these countries and Algeria. 
The Algerian presidency did not comment on the reasons for his departure, merely announcing it in a communiqué.
This text specifies that Rosthom Fadli is replaced by Salah Eddine Taleb, until then Secretary General of the Money and Credit Council (CMC).

According to its statutes, the Bank of Algeria, a central bank, "has the task of ensuring price stability as an objective of monetary policy. It is responsible for regulating the circulation of money, directing and controlling, by all appropriate means, the distribution of credit, regulating liquidity, ensuring the proper management of financial commitments abroad, regulating the foreign exchange market and ensuring the security and soundness of the banking system.

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