The Bank of Algeria implemented stricter controls on import operations, effective May 14, 2026, according to instruction number 01/2026 issued by the central bank. The new directive mandates that all economic operators must secure bank authorization before goods are shipped by foreign suppliers. This new condition explicitly requires economic operators to obtain bank authorization prior to any shipment by foreign suppliers. These measures, which make all import operations subject to prior bank authorization, took effect immediately upon the instruction's signing. The central bank's instruction, dated May 14, 2026, signifies a significant shift in the regulatory landscape for importers.
New Authorization Requirements
Banks must verify that the date on transport or shipping documents is later than the date of bank authorization, according to the new instruction. The directive unequivocally prohibits shipping goods before completing bank authorization. This means that all import operations are now subject to prior bank authorization before shipping can commence. Bank authorization will not be accepted if goods were shipped prior to the authorization date, except in legally justified and declared exceptional circumstances. This stringent requirement aims to ensure compliance and prevent circumvention of the new rules.
To further reinforce these controls, banks are also required to intensify audits of commercial documents. This intensified scrutiny includes a thorough examination of invoices and various transport documents, such as Bills of Lading, Airway Bills, and CMRs. These audits are key for validating the legitimacy of import transactions. The Bank of Algeria mandates that banks inform their customers and economic operators about these new procedures, ensuring widespread awareness and understanding of the updated regulatory framework. This communication is vital for smooth implementation and adherence across the economic sector.
Objectives and Rationale
The Bank of Algeria stated that the new import control measures are designed to combat fraudulent practices and irregular capital transfers. These regulations also aim to ensure the prior tracking of external commitments related to import operations, according to the central bank. By establishing a strong system of prior authorization, the central bank seeks to gain better oversight of financial flows associated with imports. Officials indicated that the stricter controls seek to improve the accuracy of foreign trade statistics, providing a more reliable picture of the country's economic activities. The Bank of Algeria stated the measures are intended to enhance prudential control over these operations, safeguarding the national economy against potential risks. The overall objective is to foster greater transparency and stability in international trade dealings.
Regulatory Framework and Exemptions
The new measures fall under the purview of Regulation No. 07-01, dated February 3, 2007, providing a clear legal basis for their implementation. The Bank of Algeria has stated that any violation of these new provisions will be considered a breach of the country's foreign exchange legislation and regulations, showing the seriousness with which these rules are to be treated. This means non-compliance could lead to significant penalties for economic operators.
However, the central bank has outlined specific exemptions to the new requirements to avoid retroactive application. Import operations for which goods were shipped before the effective date of the instruction are exempted from the prior authorization rule. This exemption acknowledges operations already in transit or completed before the new directive came into force. For these exempted operations, the date recorded on the transport document will serve as the official reference point, according to the Bank of Algeria, providing a clear and verifiable criterion for exemption. These measures, taking effect from the date of the instruction's signing, mark a full effort to reform and strengthen import oversight.