September 18, 2023 | 3 days ago

Wage increases, monetary and banking law’s enforcement legislative texts: Faid speaks out

Finance Minister Laaziz Faid spoke about the increase in wages in 2024 and the publication of the enforcement legislative texts for the new monetary and banking law.


In this regard, the Minister, who indicated that the government has started preparing the Act of Finance for next year, announced that the 2024 budget will include further salary increases promised by President of the Republic, Abdelmadjid Tebboune, as well as new measures to improve the purchasing power of Algerian citizens.

This was announced by the Minister of Finance in a statement on Sunday in Echuruk, on the sidelines of the opening of the 47th session of the Board of Governors of the Banque Centrale and of the Arab Monetary Institutions in Algiers.

The same source recalled that President Tebboune had already approved salary increases for civil servants, as well as the increase in the value of unemployment benefit. Pension and retirement allowance were also increased to 15,000 dinars for those who received less than 10,000 dinars, and to 20,000 dinars for those who received 15,000 dinars.

In addition, the Minister of Finance referred to the new Monetary and Banking Law that came into force after its publication in the Official Journal last June. In this connection, Mr. Faid announced that the implementing legislative texts for the new law would be published next week.

According to the same source, the texts cover several issues, including the operating procedures of foreign exchange bureaus, digital currency and other provisions requiring clarification for implementation on the ground. The Banque d’Algérie is responsible for overseeing this case and is authorized to work on its implementation.

September 18, 2023 | algeria-logo