التكامل الاقتصادي
Volume 14, Numéro 1, Pages 103-119
2026-03-31
Technical Success And Strategic Failure : The Dynamics Of Monetary Policy In Algeria (1963–2025)
Authors : Nait Ali Salima .
Abstract
Abstract For over four centuries, central banks have gradually evolved from state-serving currency issuers into institutions responsible for ensuring monetary and financial stability. This evolution is also evident in Algeria. Since the 1990s, the country has engaged in a process of institutional modernization of its Central Bank, aiming to align its monetary policy framework with international standards. These reforms led to the successive adoption of monetary laws (in 1990, 2001, 2003, 2010, and 2023), granting the Bank of Algeria (BA) de jure (statutory) independence and the official mandate of price stability. This article argues that this institutional convergence masks a fundamental divergence : the actual effectiveness of Algerian monetary policy is neutralized by the structural constraints of a rentier economy. While the BA has achieved remarkable technical performance in controlling inflation and managing shocks, it demonstrates systemic economic inefficiency, as it remains unable to transform oil savings into productive investment.
Keywords
Monetary Policy ; Central Bank Independence ; Rentier Economy ; Inflation ; Excess Liquidity
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