Capital Markets
From The Report: Algeria 2012
View in Online Reader

Operational since 1999, the Algerian stock exchange, Bourse d’Alger, is characterised by low levels of activity and liquidity, with just three equities and two corporate bonds currently listed and government bonds accounting for over 90% of trading. The total volume of transactions on the bourse was €36.8m in 2011, down from €47.8m in 2010. Trading of government bonds accounted for €33.7m of this. Authorities are working on a project that will significantly overhaul the framework of the exchange to boost activity. Implementation of the reforms is due to begin in 2013. Plans to establish an exchange for small and medium-sized enterprises (SMEs) are also close to being finalised. If planned reforms go ahead, the market could see a notable expansion in the mutual fund and SME fields in particular.

This chapter contains an interview with Mustapha Ferfera, Director, Bourse d’Alger.

Articles from this Chapter

Overview

System overhaul: Reforms to the bourse are hoped to encourage listings
OBG
plus

Operational since 1999, the Algerian stock exchange, Bourse d’Alger, is characterised by low levels of activity and liquidity, with just three equities and two corporate bonds currently listed, and with government bonds accounting for over 90% of trading. However, the authorities are working on a project that will significantly overhaul the framework of the exchange to boost activity. Implementation of the reforms is due to begin in 2013. Plans to establish an exchange for small and medium-sized…

Interview

OBG talks to Mustapha Ferfera, Director, Bourse d’Alger
OBG
plus

Interview: Mustapha Ferfera What can be done to widen the base of investors in the Bourse d’Alger? MUSTAPHA FERFERA: The adoption of a large-scale reform plan as well as a new organisation of the Algiers stock exchange, which will help it to better incorporate small and medium-sized enterprises (SMEs), are the two major domains into which the government is putting in considerable effort. Further measures are expected to be taken in the future, such as offering tax advantages to issuing firms,…

Analysis

Strategic developments: Foreign expertise is expected to aid in the overhaul of the exchange
OBG
plus

With the assistance of the UN Development Programme (UNDP), the Algerian government is in the midst of undertaking a major reform initiative to overhaul the stock exchange and boost the level of activity. The history of the initiative dates back several years. Following a series of discussions led by the Ministry of Finance and industry players between 2008 and mid-2009, the government in 2009 launched the Plan for the Modernisation and Development of the Algerian Financial Market, and in the…