International Trade Club

Article Date: 05 August 2009

As per article 69 from the 2009 Law of Finance (26th July), published in JO last Wednesday, all import payments are to be effected only by letters of credit.

In another words, only letters of credits are allowed as a means of import payment as from 2nd of August 2009.

Cash against documents and free transfers are forbidden until further notice.

Moreover, the 2009 Algerian Foreign Exchange Regulation no longer allows import transactions to be handled via procuration or a power of attorney.

Source: Intertek