A new reform of the financial system, aiming notably at professionalizing the banks and at diversifying the sources of the financing of economy, will be launched by the end of 2014, Minister of Finance Mohamed Djellab announced Sunday in Algiers.
In a statement to reporters on the sidelines of the 38th meeting of the Governors of Arab Central Banks, Djellab unveiled the broad outlines of the reform to be conducted with a new vision, after the mixed results of the first initiative launched in the 1990s.
Without giving details, the minister revealed that the new measures will establish better governance in the management of banks.
In this regard, the reform provides for expanding representation within the banks’ Boards of Directors, assumed now only by bankers.
"We'll move toward a broader representation in boards (banks) and break with a representation of employees," he said on the sidelines of this one-day meeting being held in Algiers.
Overall, the reform will make "the level of responsibility and initiative in the financial sector progress," affirmed Djellab without disclosing details.