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Stock Market / Finance in Algeria

  • Panama Papers reveal Italian bribes' paid to Algerian officials

    ITALY, 2016/08/31 Shell companies created by the law firm behind the "Panama Papers" played a central role in alleged Italian bribes paid to Algerian officials for energy contracts, an investigative journalism group said Monday. In new revelations from the leak of millions of internal records on offshore shell companies, the International Consortium of Investigative Journalists reported that the law firm Mossack Fonseca had created 12 of 17 companies through which the Milan oil services company Saipem SpA allegedly paid $275 million to win $10 billion in oil and gas deals.
  • Algeria looks to boost capital markets liquidity

    ALGERIA, 2016/06/11 With traditional lending constrained by lower hydrocarbons receipts, public authorities are redoubling their efforts to develop Algeria’s capital markets. By encouraging listings on the country’s equity and deficit markets, officials are looking to relieve pressure on the national Treasury and create new investment opportunities for financial institutions. “The Treasury and the national no longer possess the budgetary means to finance development projects at the same level as in recent years, which has resulted in a redistribution of funding channels and underscoring the need to develop financial markets,” Abdelhakim Berrah, president of the Commission for the Organisation and Oversight of the Stock Market (Commission de Surveillance des Opérations de Bourse, COSOB), told OBG.
  • AfDB and Algeria Redefine the Foundations for Strengthened Partnership

    ALGIERS, 2016/04/28 Next his initial visit to Algeria since taking office in September 2015, the President of the African Development Bank Group (AfDB), Akinwumi Adesina, expressed his pleasure at the warmth of the welcome the Algerian authorities gave him and at the constructive dialogue throughout the two days of his visit to Algiers on April 19 and 20, 2016. During this visit's rich programme of meetings - with Prime Minister Abdelmalek Sellal, the Minister of Finance, and several members of the Government inclunding with representatives of the Algerian private sector - Adesina and the Algerian authorities established together the foundations of a strengthened partnership to promote inclusive increase in Algeria.
  • Traders of African Development Bank (ADB) at the Stock Exchange

    EUROPEAN UNION, 2015/11/21 The Maghreb Bank for Investment and Foreign Trade (Bcmice) will be operational by the end of December in Tunis, Rabat Kouider Lahoila, expert of the direction of economic affairs at the Arab Maghreb Union (AMU), has announced. He stressed that UMA taking a concrete step in the financial sector signified evolution for it. This is good news for Maghreb states, businessmen and entrepreneurs who will thus gain access to a new funding source for their activities. The new bank, with a capital of 500 million dollars, will have as a fundamental mission to finance projects promoting common infrastructures for the five UMA member states - Algeria, Morocco, Tunisia, Libya and Mauritania - develop commercial exchanges within the Maghreb area, considering the strong potential of a market of 90 million consumers.
  • Algeria aims to energise the bourse

    ALGIERS, 2015/05/21 The Algerian stock market has launched reforms to encourage new listings and bolster its market capitalisation, although private sector representatives have pushed for better regulatory transparency. The bourse has had mixed success in recent years in its efforts to attract additional capital, with only four companies listed at present and a market capitalisation of around 0.1% of GDP. This compares to neighbouring Morocco, whose market cap is above 50% of GDP, according to a RMA Capital statement.
  • Algeria: oil prices forcing dinar down But IMF holds that currency is still overvalued

    ALGIERS, 2015/05/18 Algeria seems to have grown accustomed to a steady depreciation of the dinar, which since January has lost 10.5% of its price against the dollar and is down to 87.7 dinars per greenback. In the initial few weeks of 2014, instead, the dinar was about 78 to the dollar. The 20.4% depreciation marks a dangerous, steady decline of the currency. The uninterrupted devaluation is not a consequence of the dinar competing against benchmark currencies (dollar, euro, pound sterling); it is instead a result of the decisions made by the Algerian central bank. Valuations are adopted as part of a controlled oscillation mechanism based on parameters that have oil prices (in dollars) as the key element.
  • Algeria’s stock exchange eyes new listings

    ALGIERS, 2014/08/19 Plans to offer a 20% stake in eight of Algeria’s national-owned firms – inclunding prominent financial institutions and one of the country’s three mobile phone network operators – are expected to take a key step forward later this year, representing a significant shot in the arm to the stock exchange. The partial privatisation of government-backed companies forms part of a national drive to boost investment and listings at the Bourse d’Alger, which has remained under-developed since its launch in 1998. The exchange’s management is targeting 45 new listings over the next five years, as it looks to increase the bourse’s market capitalisation to $10bn.
  • Christine Lagarde starts three-day visit to Algeria

    ALGERIA, 2013/03/13 She will meet senior officials in the economic and financial sectors and will give a press conference on wednesday on the economic development and challenges in the world and in Algeria, on Wednesday and Thursday, an official from the Bank of Algeria .