The Algerian Professional Association of Banks and Financial Institutions (ABEF) announced the “lifting of restrictions on banking operations related to foreign trade with Spain.”
The Algerian banking entity said in a statement that “After evaluating the instructions outlined in this letter, and in consultation with the affected foreign trade agents, the mentioned precautionary measures are no longer necessary.”
These measures are in reference to the decision to suspend banking transactions for goods and services to and from Spain, issued by Algerian authorities on June 9 this year.
The Bank of Algeria issued another statement according to EFE, in which it clarified that “for foreign trade operations, it is up to the intermediary banks authorized to assess the inherent risks, taking into account in particular the quality of commercial transactions, and to put in place appropriate measures to mitigate these risks.”
The Algerian Association had decided to freeze banking transactions related to foreign trade operations of products and services to and from Spain as a result of the suspension of the Treaty of Friendship, Good Neighborhood and Cooperation in June.
The measure caused a freeze on trade between the two countries, with the exception of Algerian gas exports, which were not affected by the banking entity’s procedures.
Spain and Algeria are going through an unprecedented diplomatic crisis due to the shift in the position of the Spanish government last March on Western Sahara.
Madrid’s support for the Moroccan autonomy plan proposal created palpable tensions between Algeria and Spain, prompting the former to take several measures to express its dissatisfaction with this new shift.
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