Algeria: bank reform picks up pace
In an effort to quicken the pace of banking sector reform, Algerian finance minister Mourad Medelci has dismissed the chief executives of state banks Crédit Populaire d’Algérie, Banque Extérieure d’Algérie, Banque Algérienne de Développement Rural and Caisse Nationale Epargne Populaire. The state banking sector accounts for about 95% of total bank assets and loan portfolios, and suffers from poor management, a lack of transparency, and a tradition of lending to loss-making state firms.
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