The Professional Association of Banks and Financial Entities (Abef) of Algeria announced late this Thursday the unblocking of banking operations with Spain, more than 50 days after Algiers announced the freezing of all transactions with Spanish banks.
In a letter sent to the general directors of Algerian banks and financial institutions, Abef has detailed that “the precautionary measures mentioned above are no longer applicable”, thus rendering the prohibition of banking operations with Spain null and void.
“I have the honor to inform you that, after the evaluation of the system described in this letter and in consultation with the affected foreign trade agents, the precautionary measures (in relation to Spain) mentioned are no longer necessary,” reads the press release. Algerian employers.
The unblocking of banking operations between Algeria and Spain will allow trade relations between the two countries to resume after the mediation of the European Union, which warned Algiers to be prepared to “face any type of coercive measure” that it took against one of its member states.
This reverse gear has taken place after 50 days of freezing direct debits from Algeria with Spanish foreign trade that the Maghreb country announced on June 9, followed by the decision to suspend its friendship treaty with Spain for its “unjustifiable” spin on Western Sahara.
The Algerian authorities criticize the Spanish for the campaign undertaken to try to argue a political turn that, according to what they have put forward, supposes a “violation of the legal, moral and political obligations” of what continues to be the “administrating power” of Western Sahara.