Algeria Appoints New Central Bank Governor

President Abdelmadjid Tebboune has announced Rosthom Fadli as the new governor of the country’s central bank – the Bank of Algeria.

Fadli takes over the post three months after Ayman Abderrahmane left the role after a cabinet reshuffle.

Abderrahmane was appointed Algeria’s Minister of Finance in June by President Tebboune.

Mr Fadli was one of the three vice-governors in the bank at the time.

Following Abderrahmane exit, Fadii was governor of the Bank of Algeria in Acting capacity, a role he held till he was officially named the bank’s governor by President Tebboune.

During an interview with national media officials, the president said that he “signed last week the decree appointing Mr Rosthom Fadhli to the post of governor of the Bank of Algeria”.

Meanwhile, Algeria on September announced it will for the first time launch Islamic insurance, known as takaful, as the government seeks to boost the country’s Islamic finance industry.

Finance Minister Benabderrahmane also said authorities planned to set up banks in neighbouring African countries like Niger and Mali as part of wider economic reforms in the North African nation.

Algeria has announced plans to develop its economy and diversify it from oil and gas after a fall in energy earnings caused financial problems.

That step follows a move by state banks last month to start offering Islamic finance products in a bid to attract money from the parallel market, he said.

The government has said sharia-compliant services would help find new funding sources for the economy, which currently relies heavily on oil and gas export revenues.

The authorities have also said they will open the door for the private sector to set up banks, part of reforms pledged by President Abdelmadjid Tebboune in the banking sector.