Committees created by Law 23/09 in the banking system

Financial Stability Committee and National Payment Committee

Abstract

In order to strengthen the follow-up and control mechanisms in the Algerian banking system, and to keep pace with economic and legal developments in the field of banking activity, the Algerian legislator intended to make radical amendments in the field of banks and financial institutions by canceling Order 03/11 related to cassation and loans and issuing Law No. 09/23, which includes the monetary and banking law, which brought a new image to the banking sector, as it led to the establishment of new committees to preserve the banking system. These committees were represented by the Financial Stability Committee, which is responsible for macroprudential monitoring and crisis management, and the National Payment Committee, whose primary mission is to prepare a draft national strategy for developing written payment methods, with the aim of enhancing banking transactions and strengthening financial inclusion, by making them committees affiliated with the Bank. Algeria, in addition to the diversity of its constituent members, and its assignment of tasks that benefit the Algerian banking system.