OIL & GAS
BUSINESS
The Editorial
By Rachid Lourdjane
The Significance of the Banking System for Development
CONTENTS
Is our banking model on the right track for revival ? After the heavy silence of the past years , some government officials and experts are voicing the need for new strategies and benchmarking : streamlining , efficiency , piloting of initiatives , and promotion of new information techniques , for which Mrs . Houda Imane Feraoun , Minister of Post and Telecommunications plans promising ideas in terms of modernity . The banking sector has suffered from lethargy in addition to the costs and losses caused by delays or inadequacy of this system with the goals of socio-economic development . Nevertheless , the men and women who manage the financial sector are not out of ideas . All the people we met while preparing this 14th issue of OGB Magazine , listed bitterly a series of well identified resistance phenomena related to the survival of a past and the tough laws that hamper initiative and boldness by bankers . Such inadequate governance in modern reality often leads to passivity as a way out to escape the many risks , as the sweet comfort of sleep goes against the levers of modern management . The amount of money outside the banking circuit , which is estimated at four thousand billion dinars , is an insult to modernity . In the absence of an objective study based on analytical tools , we know little about this massive hoarding , which is bonanza for the merchants of safes . Visibly , this huge mass of black money reflects both the lack of trust in the banking system ( and even the government ) or simply old conveniences for immediate logistical means , which are often suspicious in terms of tax evasion , when it is not outright money laundering . Far from the international environment , the citizen in his or her autarky , consider this practice as normal , as transactions paid in cash do not entail any suspicion or any limit . Even the public sector is affected , as some public entities require payment in cash . Internet absence , which leaves room for manual processing , mistrust , or cumbersome administrative procedures that plague the life of citizens are the many facets of anachronism and excesses that block economic system at all levels in terms of time and cost . The crowd of employees moving behind counters and the bulk of banknotes that are circulating daily are not indicators of performance or efficiency . The banking sector in its present state does not fulfil its primary function of interface for economic operators . It ’ s time for it to shift its values to new skills , a new style , more ambitious and realistic , and a vision that generates wealth . The bank in a young country is a movement mill . At short notice , the system should open up on versatility and polycompetence in the sense that operators are entitled to demand quality control to meet their needs with more efficiency and more expertise . The system is awaiting new standards with a dynamic partnership approach and short- , medium- , and long-term objectives for companies and customers , targeting of youth , customer loyalty , and the building of trust relationships . Recently , Christine Lagarde , Managing Director of the International Monetary Fund warned that within ten years , the page will be turned on the current system of transactions to make room for wide dematerialization . This means generalization of virtual currency . This prospect , which is very close indeed , surprised us because of the psychological distance between us and the new communication technologies in transactions to which we dedicate this OGB issue .
Ahmed Lateb The state must change its economic paradigm
Algeria E-Banking Services Genius and Boldness
WHAT CAN WE EXPECT OF THE DOHA MEETING ?
EIA Increased petrochemical consumption will expand ethane production
DOJ sues to block Halliburton ’ s acquisition of Baker Hughes
OIL & GAS business / NUMÉRO 14 / Avril 2016 / 47