Algeria unlocks trade with Spain

The Bank of Algeria authorizes the resumption of banking transactions between Spain and Algeria, thereby lifting the blockade that prevented trade relations between the two countries.

After more than two years of an almost total blockade of trade relations between Algeria and Spain, on 06/11/24 the Bank of Algeria issued a notice authorizing the resumption of banking transactions between both countries, thus lifting the trade blockade on Spain.

Effects of the trade unblocking between Spain and Algeria

As stated in the notice issued by the Bank of Algeria, “authorized intermediary banks must take into account that bank domiciliation operations related to foreign trade transactions to and from Spain must be processed in accordance with the applicable foreign exchange regulations,” which will presumably lead to the recovery of trade relations between both countries.

This measure allows the lifting of restrictions that affected almost all sectors, following the introduction of exceptions in sectors such as poultry or cement. It is expected that, with this decision, trade exchange will gradually recover, contributing to business generation.

Importing and exporting with Algeria

The announcement by the Bank of Algeria allows the resumption of import and export operations between Spain and Algeria that had been blocked, which will result in:

• an improvement in routes and reduced dependence on alternative routes through other countries, improving transit times and costs.
• greater bureaucratic and financial agility in transactions.
• the resumption of large-volume imports of certain products such as PET without the need to resort to other markets at higher cost.

If you were affected by Algeria’s trade blockade on Spain and are interested in resuming your operations with Algeria, contact our team specialized in Algeria and the Maghreb.