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About
Citibank Algeria |
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Population:
31
million
Currency:
Algerian Dinar (US$1 = DZD80 in
February 2003)
Capital:
Algiers
Language: Arabic
(official); French (business)
Time Zone:
GMT + 1
Central Bank:
Banque d'Algerie
Number of wilayas:
48 local
government district |
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Algeria's
Clearing Capabilities
Algeria has a de-centralized clearing model, with 48 clearing houses, one
in each wilaya (governorate). Each clearing house is regulated by
the Central Bank (Banque d'Algerie). The main clearing house
is located in Algiers, with 22 members being banks and financial
institutions. The system is paper based and covers payment items such as
local checks, drafts and fund transfers.
Citibank,
N.A Algeria is a full member of the clearing system and a primary dealer
in Treasury Bills.
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Clearing
schedule
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Cutt-off
time
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Client
DR/
CR date
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Client
value date
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Transfer
date executed/sent to clearing
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Settlement
date
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Transfer
date credited/received from clearing
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| Outgoing
FT
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15:00
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Day 0
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Day 0
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Day 1
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Day 1
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Day 5 to 30
(1)
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| Incoming
FT
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11:00
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Day 0
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Day 1
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Day 0
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Day 0
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Day 0
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| Check
collection
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15:00
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Day 1
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Day 3 (2)
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Day 1
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Day 1
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Day 1
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| Day 1
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Day 5 (3)
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Day 1
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Day 1
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Day 1
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| On collection
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On collection (4)
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Day 1
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On collection
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On collection
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| Incoming
checks
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11:00
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Day 0
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Day 0
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Day 0
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Day 0
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Day 0
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(1)
Depending on branch location
(2)
Manager's checks
(3)
Intown checks (i.e.checks drawn on Algiers clearing
house)
(4) Upstation
checks (i.e. checks drawn on
other clearing houses) |
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Accounts
in Algeria
Resident
current accounts
Resident
current accounts are permitted in Algeria in both local currency
(Algerian Dinar, symbol DZD) and foreign currency.
No prior regulatory permission is required.
Non-resident
current accounts
Non-resident current accounts are two types:
1- Convertible Algerian Dinar accounts
are convertible Algerian Dinar accounts
that have been funded by foreign currency
coming from abroad; Convertible
Algerian Dinar can
be used for both local and foreign payments.
2- INR accounts are non-convertible Algerian
Dinar
accounts that have been funded with local sales proceeds in framework of
a contract signed between the non-resident company and a local company.
Offshore
accounts
Not allowed by Algerian regulation
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Algerian
Dinar Convertibility
The Algerian Dinar is
not a fully convertible currency, but it's commercially convertible,
which means any locally registered company can import goods and pay by
debit of its Algerian
Dinar
account without prior approval from the Algerian central bank (Banque d'Algerie).
For payments of services, a prior approval from Banque d'Algerie
is needed.
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Interest
and Overdrafts in Algeria
Interest
Interest can be paid on both Algerian
Dinar and foreign
currency
current accounts to both residents and
non-residents. Every
bank has to declare to Banque d'Algerie the maximum rate that it
applies on current account balances.
Such a declaration is required for reporting purposes and may be
amended by a bank at any time.
Overdrafts
Overdrafts in Algerian Dinar are allowed for resident
accounts, not allowed for non-resident
accounts.
Overdrafts in foreign
currency are
not allowed by the Algerian regulation.
Tax
Considerations in Algeria
Corporate tax rate:
2003:30%
Interest earned on bank placements/treasury bills is subject to a 10%
withholding tax.
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