Algeria mandates 48-hour export transaction localization

The Bank of Algeria issued a memorandum requiring local banks to localize all export transactions of goods and services within 48 hours of receiving the complete documentation, in order to enhance and facilitate exports. The bank emphasized the importance of accelerating processing procedures and reducing delays, while implementing strict oversight measures for those who violate. Additionally, the memorandum stressed strengthening supervision within the banking sector to ensure the legality of the documents, in compliance with regulations related to the repatriation of proceeds and anti-money laundering efforts.

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