2023-11-24 08:01:29
ALGIERS- Minister of Finance, Laaziz Faid, chaired an evaluation meeting of the banking sector modernization program, in the presence of the main players in the sector, the ministry said in a statement on Thursday.
“The Minister of Finance, Laaziz Faid, held a periodic coordination meeting, at the level of his ministerial department, with the general directors of public banks,” said the same source.
The main objective of this meeting, according to the ministry, was to evaluate the actions undertaken by these banks as part of the banking sector modernization program.
This meeting, in which the president of COSOB and the general director of the Algiers Stock Exchange took part, was also “an opportunity to examine various strategic axes aimed at boosting the financial market”, underlines the press release.
“The digitalization of banking services has been the subject of careful examination,” says the ministry adding that the emphasis was placed, during this meeting, on “the importance of the transition to digital services to offer quality banking services to all citizens across the national territory.
“This implies the need to densify the banking network to guarantee optimal accessibility of these services,” estimates the ministry.
Furthermore, the meeting dealt with aspects related to the opening of capital of two large public banks, namely the CPA and the BDL.
“This subject is of major importance in the context of the ongoing reforms in the banking sector. These capital opening operations aim to expand the capital participation of these large financial institutions, thus paving the way for greater involvement of the sector private,” explains the ministry.
In addition, the opening of the capital of these public banks represents “a significant step forward” towards a more open and competitive economy, says the document adding that this would make it possible to attract investors interested in strategic partnerships and investment opportunities in the national banking sector.
During this meeting, the mechanisms necessary for this opening of capital were also discussed, “including the modalities of participation, while preserving the public interest”.
The role of banks in financing the national economy was also examined during this meeting, during which their “essential” contribution to the economic development of the country was highlighted.
“This careful assessment of the financial role of banks in the national economy highlights the importance of ensuring the robustness of the banking sector and fostering an environment conducive to sustainable economic growth and national prosperity,” notes the ministry.
In addition, this meeting made it possible to assess the progress made in the modernization of the banking sector and to identify the challenges to be met “to ensure quality, accessible services in line with technological developments and the needs of the national economy.
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