A key Algerian bank has announced drastic restrictions on trade with Spain following the suspension of a co-operation agreement between the two countries, in a document published last Wednesday night by the country’s media.
“After the suspension of the friendship, good neighborly and cooperation agreement with the Kingdom of Spain, you are asked to proceed with the freezing” of any transaction concerning the “trade of goods and services to and from Spain” from today, said the Association of Banks and Financial Institutions in its notification to the heads of Algerian banking and financial institutions.
There has been no official announcement so far of the decision to freeze foreign-linked banking transactions to and from Spain.
Algiers canceled yesterday the “friendship, good neighborly and cooperation agreement” it had signed with Madrid in 2002 due to Spain’s shift to the Western Sahara issue, its alignment with Morocco.
On March 18, the Spanish government made a dramatic change in its stance on the Western Sahara affair, supporting the Moroccan plan for regional autonomy, angering Algiers, the main supporter of the Sahrawi independence movement, the Polis Front.
Source: AMPE
Source: Capital
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