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Savings: Improving collection of resources absolutely necessary

Published on : Thursday, 31 October 2019 15:09   Read : 0 time(s)
Savings: Improving collection of resources absolutely necessary

ALGIERS- Minister of Finance Mohamed Loukal affirmed Thursday, in Algiers, that the “substantial improvement” of the collection of resources has become an “absolute necessity” to compensate for dwindling of budgetary savings.

 “Faced with the dwindling of budgetary savings and asserted willingness to progressively steer financing projects towards financial and banking market, notably that of funds, the substantial improvement of the collection of resources has become an “absolute necessity,” said Loukal in a speech made in a meeting organized on the occasion of the World Savings Day.

In this respect, the minister encouraged the banks to continue their banking efforts and improve the level of financial inclusion.

“Prospecting new customer segments by the launch of suitable savings products and the extension of the use of monetary instruments are among the most efficient ways to favor savings,” he recommended.

He also urged the banks to adopt active communication strategies to support a “wider distribution” of banking products.

“The banking community, by establishing a decision-making tool for the choice of its saving development policies, must be listening to its customers and show innovation in the conception of suitable savings products to each customer category,” he stressed.

In this regard, ha called for a “more rigorous” involvement of the banking and financial system in relation to its capacity to improve banking services by using “a more aggressive policy of innovative range of services.”

According to him, collecting resources is “one of the Algerian banking system’s Achilles heel, adding “that is the reason for which banks are called to improve their capacities to accompany creation and company development, notably productive SMEs.”

Banks are also called, he added, to “participate, through multifaceted financings, to the economic growth and diversification and to develop intense business competition in terms of collecting resources.”

Last modified on Thursday, 31 October 2019 20:53
Savings: Improving collection of resources absolutely necessary

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