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This announcement was made by Faid, while chairing over the opening of an Information Day, entitled “Mobilization of savings in the financial sector: challenges and prospects,” organized as part of the celebration of World Savings Day, in the presence of the Minister of Post and Telecommunications, Karim Bibi Triki, the Minister of Knowledge Economy, Start-ups and Micro-enterprises, Yacine El-Mahdi Oualid, as well as the CEOs of banks and the Chairmen and CEOs of insurance companies.

At the opening speech of this event, organized by the Professional Association of Banks and Financial Institutions (ABEF), in collaboration with the Algerian Union of Insurance and Reinsurance Companies (UAR), the minister said: “I officially announce the creation of the National Observatory of Savings and Financing of the Economy, which will have several missions, namely the collection of data on the savings behaviour of households and businesses.”

It will also study the financial flows of the different economic sectors, such as SMEs, large companies and households, in order “to assess the sources of financing (banks, financial markets, alternative financing) and to identify any malfunctions,” said the minister.

According to the minister, the observatory will ensure the monitoring of national and international trends that may impact the savings and financing of the economy, such as regulatory developments, technological innovations or monetary policies, in addition to formulating recommendations to the Minister of Finance to improve the mobilization and orientation of savings towards the main sectors of the economy, as well as to strengthen financial inclusion. [/ecr]