The Professional Banking Association has announced that it will resume transactions with the country after freezing it for more than 50 days due to the change in Spanish policy in the Sahara.
The Professional Association of Banks and Financial Entities (ABEF) of Algeria announced the unblocking of banking transactions with Spain on Thursday, more than 50 days after Algiers announced the freeze on all transactions with the peninsula’s banks.
In a statement to the general managers of Algerian banks and financial institutions, Abef explained that “the above precautions no longer apply”, thus annulling the ban on banking transactions with Spain.
“I have the honor to inform you that, after reviewing the system described in this letter and in consultation with the relevant foreign commercial agents, the precautions mentioned (with regard to Spain) are no longer necessary,” said the statement from Algerian employers .
Unblocking the banking transactions between the two countries will allow the resumption of trade relations between the two countries after the European Union’s mediation, which warned Algiers to be ready to “face any form of coercive measure” it took against one of its States member.
This reverse gear has come after a 50-day freeze of 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 due to its “unwarranted” spin on Western Sahara. .
The Algerian authorities are criticizing the Spaniards for the campaign undertaken to try to advocate a political turn which, according to what they have said, presupposes a “violation of the legal, moral and political obligations” of what is still the “administrative power” of Western Sahara.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
