Rules applicable to current transactions with foreign countries and to foreign exchange accounts. Regulation of the Bank of Algeria No. 07-01.
Bank of Algeria Regulations
Article 1: The purpose of this Regulation is to define the principle of the convertibility of the national currency for current international transactions and the rules applicable to the transfer from and to foreign countries related to such transactions and the rights and obligations of foreign trade operators and authorized intermediaries.
TITLE I – GENERAL PRINCIPLES
Article 2: For the purposes of this Regulation, are considered as:
– residents in Algeria the natural and legal persons who have the main center of their economic activities there;
– non-residents natural and legal persons whose main center of economic activities is located outside Algeria.
Article 3: Without prejudice to the legal and regulatory provisions in force, payments and transfers relating to current international transactions are free. They are carried out by authorized intermediaries.
Article 4: For the purposes of this Regulation, it is understood that payments and transfers relating to current international transactions include:
– payments and transfers for foreign trade operations on goods, services including technical assistance and current operations related to production;
– interest payments on loans and net income from other investments;
– repayments of loans.
Article 5: Any billing or sale of goods and services in the national customs territory shall be in Algerian dinars except as provided by the regulations in force.
Article 6: Unless expressly authorized by the Bank of Algeria, the exportation as well as the importation of any debt instrument, security or means of payment denominated in the national currency are prohibited.
However, travelers are allowed to export and / or import currency in Algerian dinars, up to an amount set by instruction of the Bank of Algeria.
Art.7.- The council of money and credit delegate the application of the regulations exchange to banks and institutions financial institutions, authorized intermediaries, only authorized to deal with foreign trade and foreign exchange. These latter must ensure their regularity at look at legislation and regulations in force.
Financial Services of Algeria-Post are authorized, within the limits of the prerogatives which are devolved upon them by the law which applicable to them, to perform certain payments and transfers / repatriations of funds.
The Bank of Algeria exercises control posterior to ensure regularity operations carried out under this Regulation.
Art.8.- Except the cases expressly provided for by Article 126 of Ordinance No 0311 of August 26, 2003, supra, the constitution monetary, financial and real estate assets abroad by residents to from their activities in Algeria is prohibited.
Art.9.- All foreign exchange resources repatriated from the exports of hydrocarbons and mining products as well as those of bilateral, multilateral borrowing or free to finance the balance of payments are obligatorily sold to the Bank of Algeria.
Art.10.- Management of foreign exchange resources country from the repatriation of hydrocarbon export earnings and mining products as well as those from bilateral, multilateral borrowing or free and for financing balance of payments falls attributions of the Bank of Algeria.
The management of the foreign exchange resources of the left by the Bank of Algeria to the available to authorized intermediaries attributions of the latter.
Title 2 – Authorized Intermediaries
Art.11.- Any bank and any establishment authorized financial to the provisions of Title 4 [of Book 5] of Ordinance No. 03-11 of August 26, 2003, referred to above, may have the quality intermediary authorized to perform the foreign trade operations and exchange.
Art.12.- The quality of authorized intermediary is obtained as part of the accreditation issued by the Governor of the Bank from Algeria.
Art.13.- The authorization referred to in Article 12 published in the Official Journal and a notification. For the purpose of dealing with commercial transactions outside and exchange, each wicket authorized intermediaries is subject to a registration by the Bank from Algeria.
Art.14.- The authorized intermediaries are to ensure their customers, in all equal treatment, operations, object Regulation, for which they are approved. Except in the case of established insolvency, the client has a right of appeal to the banking commission for any dispute in the matter that opposes it to the intermediary authorized.
Art.15.- The Bank of Algeria can pronounce measures as a precautionary measure against any counter or operator of foreign trade which contravenes provisions of the legislation and regulations exchange.
Art.16.- The banking commission can decide withdrawal of quality authorized intermediary, in respect of the operations foreign trade and foreign exchange, to the holder of that quality, in the case of contrary to laws and regulations exchange.
Title 3 – Means of foreign payment
Art.17.- Any resident is authorized to acquire and hold in Algeria, under the conditions provided below, means of payment denominated in foreign currencies freely convertible. These means of payment can not be acquired, negotiated and deposited in Algeria authorized intermediaries, except the cases provided for by the regulations in force or authorized by the Bank from Algeria.
Art.18.- Constitute means of payment within the meaning of Article 17 above:
• banknotes;
• travelers checks;
• bank or postal checks;
• letters of credit;
• the effects of Commerce ;
• any other means or instrument of payment denominated in foreign currency freely convertible, whatever the support used.
Art.19.- Any traveler entering Algeria is allowed to import banknotes foreigners and traveler’s checks,subject to a customs declaration for any amount above a set threshold by instruction of the Bank of Algeria.
Art.20.- Any traveler leaving Algeria is authorized to export any amount in banknotes foreign banks or in trip, to competition:
• for non-residents: the amount declared at entry decreased sums regularly sold to intermediaries licensed and exchange offices;
• for residents: samples carried out on currency accounts in the ceiling limit set by instruction Bank of Algeria and / or amounts covered by an authorization of exchange.
foreign bank bonds or in trip, to competition:
• for non-residents: the amount declared at entry decreased sums regularly sold to intermediaries licensed and exchange offices;
• for residents: samples carried out on currency accounts in the ceiling limit set by instruction
Bank of Algeria and/or amounts covered by an authorization of exchange.
Bank of Algeria and/or amounts covered by an authorization of exchange.
Art.21.- Exchange operations between Algerian dinars and foreign currencies freely convertible can not be made by authorized intermediaries and/or the Bank of Algeria.
Title 4 – Currency Accounts
Art.22.- Any natural or legal person, resident or non-resident, is allowed to open one or more currency accountsat sight and / or at the banks authorized intermediaries.
Authorized intermediaries may hold currency accounts with the Bank from Algeria. Currency accounts are powered by means of foreign payments within the meaning of Article 18 of this Regulation.
Art.23.- Operating conditions and management of currency accounts are defined by instruction of the Bank from Algeria.
Title 5 – Rules applicable to foreign trade operations on goods and services
1) General rules
Art.24.- Foreign trade operators referred to in Article 1 above are:
• natural or legal persons engaged in an economic activity in accordance with the legislation and current regulations ;
• administrations, organizations and institutions of State.
Art.25.- Foreign trade operations are transactions in goods and services governed by a commercial contract, whose :
• the amount, rights and obligations of Contracting Parties are defined and fixed;
• the counterpart of the transfer and the regularity of the operation are defined and established.
The provisions of this Regulation also apply to benefits related to processing operations, custom processing, working or repair.
Art.26.- The commercial contract or any other document in lieu of proof transfer of ownership and / or transfer of a good or provision of services between a resident operator and an operator non-resident, must indicate in particular:
• the names and addresses of the contracting parties
• the country of origin, provenance and destination of goods or services;
• the nature of the goods and services;quantity, quality and specifications techniques ;
• the transfer price of goods and services in the billing currency and payment of the contract;
• delivery times for goods and services implementation for services;
• the clauses of the contract for the taking into risk and other incidental expenses
• the terms of payment.
Art.27.- Except legislative provisions or contrary regulations, all commercial terms (INCOTERM)
in the rules and usages of the chamber of international trade can be registered in commercial contracts.
Art.28.- The methods of payment are those universally admitted.
The authorized intermediary must ensure the truthfulness of the documents provided, lawfulness
of the commercial contract and its realization.
Art.29.- With the exception of operations in transit and transactions referred to in Article 33 below, any import operation or export of goods or services is subject to the obligation of domiciliation from an authorized intermediary.
The domiciliation is prior to any transfer/repatriation of funds, commitment and/or customs clearance.
Art.30.- The domiciliation consists of the opening of a file that gives rise to the assignment of a domiciliation number through the authorized intermediary the commercial operation. This file must contain all the documents relating to to the commercial operation.
The operator chooses the authorized intermediary with whom he undertakes to perform all related bank procedures and formalities to the operation.
Art.31.- The counter of the intermediary authorized to domicile the operation of foreign trade must keep a directory file domiciled, quoted and initialed by a person authorized for that purpose, and ensure their financial follow-up.
Art.32.- The commercial document serving basic to bank domiciliation can take on different forms such as, contract, pro-forma invoice, purchase order firm, final confirmation purchase, exchange of correspondence where are included all the necessary indications identification of the parties, than the nature of the business transaction.
Art.33.- Are exempted from the domiciliation bank:
• the so-called payments made by travelers for their personal use, in accordance with to the provisions of the finance laws ;
• so-called no-payments imports carried out by registered nationals with diplomatic representations and Algerian consular abroad when they return definitively in Algeria, in accordance with finance laws;
• so-called no-payments imports carried out by diplomatic agents and consular and assimilated those of the representations of the companies and public institutions abroad when returning to Algeria
;
• imports / exports of value less than the counter value of 100,000 DA in FOB value;
import / export of samples, donations and goods received in the case of the bringing into play of the guarantee ;
• imports of realized goods under the suspensive customs procedure.
Customs declarations relating to imports / exports referred to above and Article 58 below must be coated the mention “import / export not domiciled.
Art.34.- Without prejudice to other provisions all amendments to the domiciled contract must be the subject of an endorsement which will be domiciled in the same conditions as the main contract.
Art.35.- The authorized intermediary can not refuse the domiciliation of a contract export or import when all the conditions laid down in this Regulation are met. The operator, where appropriate, has the right to appeal to the Banking Commission.
Art.36.- Imports / exports equipment and / or materials under the leasing scheme are assimilated to imports / exports to deferred payments. They obey Domiciliation and payment conditions applicable to these operations.
Art.37.- Banks and institutions approved intermediaries are only authorized to perform on behalf of their clients transfers and repatriation related to transactions in goods and services previously domiciled with their wickets. Financial Services of Algeria-Post can execute transfers / repatriations related to operations for which they are empowered.
Art.38.- The authorized intermediary transfers to the cash or futures currency to importers goods and services in the compliance with the regulations in force.
Art.39.- Clearance of the commercial file outside consists, for authorized intermediary, to ensure the regularity and the conformity of the achievement commercial contracts and vouchers flow of financial flows to which they give rise to the look of the exchange regulations in force.
Art.40.- The authorized intermediary must ensure clearance of the files domiciled in his level within the prescribed time.
He must seize, without delay, the Bank from Algeria, any irregularity or delay in executing fund movements from abroad.
2) Rules relating to imports of goods and services
Art.41.- The domiciliary authorized intermediary must open a domiciliation file enabling him to follow up on the import operation. It gives the resident importer a copy of the contract with the visa of debit. This visa is affixed to all invoices relating to the contract.
The domiciliation visa allows:
• initiate the customs clearance procedure goods ;
• to endorse the accepted or subscribed effects by the resident importer;
• to execute payments in dinars and transfers in foreign currency; andto establish, at the end of the domiciliation, a report on the clearance of file to be sent to the Bank from Algeria.
Art.42.- For the acceptance of the files of domiciliation and any commitment before lead to a payment by currency transfer abroad, the authorized intermediary must take into account, in particular:
• the regularity of the transaction concerned in view of the legislation and the current regulations ;
• and the financial surface of his client.
Art.43.- The authorized intermediary may accept documents reached by folds schoolbag when it comes to dangerous products or perishable. The assessment of urgent port services and / or qualified customs services.
Art.44.- Any settlement or commitment provided for in the commercial contract can be performed only when the intermediary approved, in particular:
• final invoices;
• shipping documents or customs document (s) for consumption for import Goods ;
• certificates of service for the import of services.
Art.45.- Import payments are carried out by banks and institutions financial institutions, authorized intermediaries, from foreign currency resources:
• belonging to them;
• acquired from their customers;
• acquired on the interbank market foreign exchange;
• or from any financial credit outside.
Art.46.- Transfers in foreign currency are made in compliance with the legislation and the regulations in force, in accordance contractual clauses and compliance with international rules and practices.
The amount to be transferred may not exceed the transferable portion of the contract and its endorsement, nor the amount of the final invoices of the good or service imported.
Any deviation from the amounts initially indicated must be duly justified.
Art.47.- When the importation is the object external financing, the intermediary authorized person must ensure, during the domiciliation of the contract, that financing and conditions attached to it are in adequacy with the modalities defined by the Bank of Algeria.
A declaration of external debt is transmitted to the Bank of Algeria next the rules and procedures in force.
Art.48.- The authorized intermediary executes, on order of the operator, any transfer to from abroad subject to delivery by this operator of documents attesting the shipment of goods to exclusive destination of the customs territory national law and the final invoices relating thereto.
Transfer can also be done on the basis of final invoices and documents customs clearance for home use goods.
Art.49.- The transfer abroad of foreign currency, for payment of imports of a value equal to or greater than the value of 100,000 DA, by the debit currency account, must be executed by the authorized intermediary in the same conditions laid down in Article 48 Above.
Art.50.- Authorized intermediary domiciliary may pay down payments within a limit of 15% of the overall amount of the contract, the importation of goods and services, in as a rule-compliant clause and related international usages is provided in the commercial contract, under reserve the presentation of a deposit of return of advance of equal value delivered by a first-class bank. Beyond the limit provided for in the paragraph above, the authorization of the Bank from Algeria is required.
Art.51.- Transfer for settlement of imports of services, under article 4 of this Regulation shall be on the basis of the contract and / or invoice definitively duly endorsed by the importer resident accompanied by the certificate of service done as well as any other room or authorization may be required, issued by the competent authority. The transfer of import of services within the framework of a subcontracting be expressly provided for in the contract of based.
Art.52.- The control of the files of domiciliation and transfer via authorized representative is carried out as indicated below.
For imports of goods, on the basis of :
• commercial contract and / or invoices final,
• shipping documents,
• customs documents (exemplary bank) or document accepted as equivalent,
• a copy of the relevant Swift message,of the statistical formula addressed to the Bank of Algeria.
For imports of services, on the base:
• commercial contract and / or invoices final,
• the certificate of service done,
• any documents or authorizations required,
• a copy of the relevant Swift message,
• the statistical formula addressed to the Bank of Algeria
Art.53.- The control of the files of domiciliation and transfer of operations import must be completed:
• for commercial contracts settled in cash, within a maximum period three months following the Financial Regulation the operation;
• for commercial contracts completed by deferred payments, within a maximum of thirty days following the last regulation.
Art.54- During the control period, the absence of the customs document bank), the domiciliary authorized intermediary must claim it at the office issue of the customs concerned. He gives, for this purpose, all necessary indications for the identification of the declaration concerned and the references communicated by the operator.
A copy of the complaint is sent, for information, at the general direction customs. The certified copy of the original “Prima”, established by the customs office and sent to the domiciliary counter concerned or the document admitted as equivalent, can be taken into consideration by the latter for the clearance of the file import.
Art.55.- At the end of the control period Domiciliation records of operations on importation, the authorized intermediary domiciliary:
• a) clear the file if it is regular and in accordance with the regulations ;
• b) address the necessary comments to the resident importer to bring him to complete the file or to regularize it
if he submits surplus settlement ;
• c) transmit to the Bank of Algeria a copy of the file, after an additional delay thirty days, in case of non-regularization and / or if the excess of settlement exceeds the countervalue100,000 DA.
3) Export rules goods and services
Art.56.- Exports of goods for sale firm or consignment and the exports of services, with the exception of those provided for in Article 58 below, are subject to the obligation of domiciliation.
Art.57.- The rules of domiciliation of service export contracts, collection contracts and repatriation of their product are the same as those applicable exports of goods.
Art.58.- In addition to the exemptions provided for in Article 33 above, the domiciliation of export contracts is not required for :
• temporary exports, unless they give rise to payment of benefits by repatriation of foreign currency;
cash on delivery of a value less than or equal to the the value of 100,000 DA made by through Algeria-post.
Art.59.- Domiciliation and repatriation export product hydrocarbons and mining products are subject to specific regulations.
Art.60.- The domiciliation of exports fresh, perishable and / or dangerous products can take place during the five days worked after the date of dispatch and customs declaration.
Art.61.- The export contract may be cash or credit. When the export takes place in cash, the exporter must repatriate the recipe from export within a not exceeding one hundred and twenty days, to count the shipping date for goods or the date of completion for the services.
When the payment of the export is due in excess of one hundred and twenty days, the export can not take place only after authorization by the competent services of the Bank of Algeria.
Art.62.- The exporter requests the opening a domiciliation file by presenting to the authorized intermediary the original and two copies of the commercial contract or any other document in lieu, and all other document possibly required. After checking the concordance between the original and the copies, one of these, bearing the number of the domiciliation file and the stamp of the intermediary approved, shall be returned to the exporter.
Art.63.- The exporter is required to indicate, on the customs declaration, the references of the bank domiciliation of the contract except for exports referred to in Article 58 above. This indication occurs at the latest in the five working days after the expedition.
Art.64.- The copy “bank” of the customs declaration is sent by the customs services to the intermediary approved domiciliation of the export.
Art.65.- Revenue from exports excluding hydrocarbons and off-products mining can not be cashed that the authorized intermediary domiciliation of the contract. The exporter is required to repatriate the product export within the deadlines by the regulations in force. Any delay payment and repatriation shall to be justified. Respect for the repatriation obligation revenue from exports is the responsibility of the exporter. Any delay payment and repatriation must be declared through the authorized intermediary at the Bank from Algeria.
Art.66.- The repatriation obligation is the amount invoiced as well as the amount of contractual additional costs when they are not incorporated in the selling price. The amount, object of the repatriation obligation, includes any indemnity or possible contractual penalty.
Art.67.- As soon as the repatriation of the receipts export, excluding hydrocarbons and products mining, goods and services, the authorized intermediary makes available from the exporter:
• the portion in foreign currency that comes back to him, in accordance with the regulations force, and which is housed in his currency account;
• the counter-value in dinars of the balance of revenue from exports subject to the obligation of assignment.
Revenue from non-domiciled exports and those repatriated late do not qualify for the benefit of retrocession in foreign currency.
Art.68.- The payment of exports in consignment is payable as and when sales made by the custodian or the commissionaire. The exporter is required to provide authorized intermediary domiciliation of the operation a monthly statement of accounts sales accompanied by duplicates of bills drawn on foreign buyers. Repatriation must intervene in the regulatory deadlines counted from the date of sale.
Art.69.- The control of the repatriation of exports is through domiciliary license on the basis of the documents transmitted by the exporter and the services customs.
Art.70.- The customs services transmit at the counter of the authorized intermediary domiciliation of the export file, any document useful for the control of the export operation, including:
• the customs declaration “exemplary bank “or the document admitted as equivalent;
• corrigendum documents attesting to any modification in the file export; documents relating to reimportation goods, if there is place.
Art.71.- Clearance of the export file is performed by the authorized intermediary domiciliation based on:
• the “bank copy” of the declaration in customs, for goods transmitted by the customs services;
• proof of repatriation received ;
• the statistical formula transmitted to the bank of Algeria.
Art.72.- The authorized intermediary is held to clear export files domiciled during the quarter following the regulatory deadline repatriation. For this purpose, must ensure that deadlines for payment and repatriation of transactions provided for in the commercial contract.
Art.73.- At the end of the period laid down in Article 72 above, the authorized intermediary domiciliary:a) clear the file if it is regular and in accordance with the regulations ;
• b) address the necessary comments to the exporter to get him to complete the file or to regularize it presents repatriation deficiencies ;
• (c) transmit to the competent services the Bank of Algeria a copy of the file, after an additional period of thirty days, in case of non-regularization.
Art.74.- The authorized intermediaries are required to address, to the Bank of Algeria, a report of the results of the clearance export records in the month that follows the quarter in question.
Title 6: Other current operations
Art.75.- The journey of resident nationals on the occasion of the Hajj opens right to a foreign exchange allowance the amount of which and the allocation procedures are fixed, each year, by regulation.
Art.76.- The trips abroad of residents, in a professional capacity, on the occasion of temporary assignments, entitle changes in daily allowances offsetting costs incurred, including conditions are laid down by regulation. The intermediary Approved banks are authorized to instruct and execute requests of their customers in the matter.
Art.77.- The trips abroad of nationals residents for care are entitled to a foreign exchange allowance the amount of which and the award procedures are set by instruction from the Bank of Algeria. This exchange allowance is issued by the authorized intermediary banks.
A foreign exchange allowance for studies is attributed to resident nationals pursuing studies at an institution higher education or undergoing long-term care and schooled in a normal or specialized establishment. The amount and the methods of award are set by Bank instruction from Algeria.
Transfers under the allowance studies are carried out through approved intermediary bank, or services of Algeria-Post.
Resident nationals are entitled to traveling abroad, a right of annual change, the amount and terms of are defined by instruction of the Bank of Algeria. This allowance exchange rate is issued by authorized intermediary banks.
The Bank of Algeria examines and authorizes any request for bona fide foreign currency to beyond the thresholds set for rights and allowances exchange rates defined in the framework of this article.
Art.78.- Subject to the legislation and of the conditions regulation recruitment and employment of foreigners in Algeria, foreign workers recruited by administrations and economic agents under Algerian law benefits right to transfer savings pay in the defined conditions by instruction of the Bank from Algeria.
Art.79.- The terms of related transfers maritime, air transport activities and terrestrial are fixed by instruction of the Bank of Algeria.
Art.80.- Transfers under income foreign investments are executed authorized intermediaries in accordance with to legislation and regulations in force.
Art.81.- Current transfers of administrations are carried out by through authorized intermediaries.
Title 7 – Miscellaneous Provisions
Art.82.- Individuals and associations legally constituted may, for personal use or in compliance with their statutes, import a good or a non-commercial service. These imports are subject to the same obligations than those performed by people physical and legal Article 24 above.
Art.83.- For the exercise of control over coins by the Bank of Algeria, the conditions and the practicalities of reporting and reporting international transactions current by intermediaries approved by the instructions of the Bank of Algeria.
Art.84.- The authorized intermediaries, without prejudice to the contrary provisions, must keep the domiciliation records and transfer and all other documents evidence of operations subject of this Regulation, during a period of at least five years,from the date of their clearance or execution.
Art.85.- Non-compliance with the provisions of this Regulation exposes the infringer the legal provisions in force.
Art.86.- Provisions contrary to this Regulation are repealed, in particular Regulation No 91-12 of 14 August 1991 on the domiciliation of imports, the regulation n ° 91-13 of August 14th1991 on the domiciliation and settlement of non-hydrocarbon exports and Regulation No 95-07 of 23 December 1995 amending and replacing the Regulation No 92-04 of 22 March 1992 on exchange control.
Art.87.- This Regulation will be published in the Official Journal of the Republic of Algeria democratic and popular.
