Cash in circulation outside banks declines in 2017 compared with 2016

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The governor of the Bank of Algeria (BA), Mohamed Loukal, said, Monday at the People’s National Assembly (lower house of Parliament), that the volume of cash in circulation outside banks, or the hoarded money, increased in 2017 compared with 2016, APS reported.

“Fiduciary money in circulation is estimated at about 4.780 billion (billion) DA of which 1.500 billion DA to 2.000 billion DA represent the hoarded money of economic agents,” he said, introducing the reports of BA on financial and monetary developments in 2016 and 2017.

In this regard, he argued that the currency circulating out of the banking system fell by AD 105 billion in December 2017, for example, thanks to the application of a directive of the BA concerning the domiciliation of imports for resale in the state.

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