Banking Reforms in Algeria: The Central Role of the Monetary and Banking Council and Banking Committee Under New Legislation

Abstract

Economic crises ensued due to plummeting oil prices, prompting a gradual withdrawal of the state from economic activities and a shift in its role from interventionist to regulatory, manifested In the creation of entities such as autonomous regulatory agencies.

The Credit and Monetary Council Authority is an independent administrative authority in the banking sector, serving as a regulatory body to lay the groundwork for this sector and regulate monetary policy. Additionally, The Banking Committee functions as a regulatory body, monitoring the compliance of banks, financial organizations, and other entities subject to applicable legislative and regulatory provisions. Our study aims to elucidate the significance of these two bodies under Law 23-09, encompassing monetary and banking legislation, by outlining their composition, powers, and operational mechanisms as crucial instruments for economic regulation and protection.