The governor of the Bank of Algeria (BA), Mohamed Loukal, said, Sunday, the non-conventional financing has been “successfully” managed so far, despite the hazards relating to the inflationary pressures.
In reply to questions by MPS at the People’s National Assembly (lower house of Parliament) in a plenary session devoted to discussing the annual report of the bank of Algeria on financial and monetary development in 2017, Loukal said “we are on the right track in the implementation of non-conventional financing, through monetary mechanisms adapted to face the current economic climate.
The adapted monetary policy provides for liquidity absorption mechanisms from non-conventional financing and sterilization of excess liquidity by preventing its access to the market, to avoid inflationary pressures, in addition to mandatory reserve mechanism, the BA’s governor explained.
Those mechanisms have contributed to get the inflation rate under control, bringing it from 5.4 % before the implementation of the non-conventional financing to 3.5% now, he added.
The Treasury mobilizes funds spent only in the case of justified need and in well-defined areas.
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