The Professional Association of Banks and Financial Companies (Abef) of Algeria announced the liberalization of banking operations with Spain late Thursday, more than 50 days after Algiers announced a freeze on all transactions with Spanish banks.
In a letter to the general directors of Algerian banks and financial institutions, Abef stated that “the above precautions are no longer applicable”, rendering the ban on banking transactions with Spain null and void.
“I have the honor to inform you that after evaluating the system described in this letter and in consultation with the Foreign Trade Agents concerned, the precautionary measures have been taken [en relación a España] mentioned are no longer necessary”, says the statement of the Algerian employers’ association.
After EU warnings
The unblocking of banking operations between Algeria and Spain is an important step that will allow commercial relations to resume between the two countries, and comes after mediation from the European Union, which has warned Algiers not to “face any type of coercive measures”. , which it has taken against one of its Member States.
This reversal comes after 50 days of freezing direct debits from Algeria to Spain’s foreign trade, which the Maghreb country suspended on March 9.
The Algerian authorities are criticizing the Spaniards for the campaign undertaken to argue a political turnaround, which they say requires a “violation of the legal, moral and political obligations” of the West’s still existing “administrative power” in the Sahara.