Algeria Bank encompasses information on the Algerian Banks and their operation.
The Algerian Banking system comprises of the Central Bank of Algeria along with five other state owned banks, one Development Bank, one National Savings Bank and one Private Bank, which is collectively owned by the Algerian Banks and the Saudi El Baraka Group.
According to IMF certain measures are required to be taken by the government of Algeria in order to reduce the risk and instability of their banking sector. However, the government of Algeria is putting a lot of effort to improve their banking system. At present, Algeria is trying hard to modernize its banking system.
Banks in Algeria:
The Bank of Algeria was established in the year 1926. It is the Central Bank of the country. The bank mainly aims at promoting the financial growth of the country by restricting borrowings and controlling interest rates.
Algerian Bank for Development
Algerian Bank for Development deals with all the development programs in Algeria. This bank sponsors long term investments of public enterprises.
National Bank of Algeria
The National Bank finances the individual property accession programs and constructions.
Popular Bank of Algeria
The Popular Bank of Algeria provides financial services to the sectors like trade, tourism and fishery.
El Baraka Bank
The El Baraka Bank is a private bank jointly owned by the Algerian Banks and the Saudi El Baraka Group.
Local Development Bank and Bank of Agriculture and Rural Development
Local Development Bank and Bank of Agriculture and Rural Development maintain a corresponding relationship with certain banks of US. The Local Development Bank deals with local economic units whereas the Bank of Agriculture and Rural Development deals with the agro-food industry.
