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BANK CONDITIONS
I- Rates Fixing
II- Liberalising bank conditions
Liberalization of banks conditions has been achieved progressively and concerned :
In January 1987
Circular of the BCT to banks n° 86-42 of 1December 1986
Circular of the BCT to banks n° 91-22 of 17December 1991
In June 1994, total liberalization of debit rates applicable to non-essential activities.
Circular of the BCT to banks n° 94-08 of 7June 1994.
In November 1996, liberalization of debit rates applied to essential activities
Circular of the BCT to banks n° 96-15 of 29 November 1996.
Rediscount as a refinancing technique was given up in November 1996. after canceling the bonus of interest rate reserved, up to that time, to essential activities.
As of 1st April 2008, banks set freely the annual interest rate applied to amounts subscribed to special savings accounts. This rate must not be below the savings remuneration rate (TRE) defined by article 36 of circular of the BCT to banks n°91-22 of 17 December 1991. This rate is equal to the money market rate (TMM) of the previous month minus 2 percentage points.
Circular of the BCT to banks n° 2008-03 of 14 February 2008.
III- Account payable conditions
1- Sight accounts in dinars and investment in dinar with a duration of less than three months
Interest rate applicable to sight accounts in dinars and to any deposit or investment in dinar with a duration of less than 3 months must not go beyond 2 percentage points.
2- Savings accounts to promote projects
These accounts are opened for private individuals. The annual interest rate to apply on amounts saved in these accounts is equal to savings remuneration rate (TRE).
3- Savings accounts for investment
The opening of the accounts concerns any private individual or legal entity. The annual interest rate on accounts saved in these accounts is equal to savings remuneration rate (TRE).
4- Accounts and bonds with maturity and other financial products
Banks are allowed to open forward accounts in which deposited funds are frozen up to the due date agreed upon at the date of deposit ; and to issue nominative or payable to bearer cash vouchers as well as other financial products. Interest applicable to forward accounts, to cash vouchers and any other financial product in dinar is freely set by the bank.
5- Correspondents account
Payments by debiting foreign accunts in convertible dinar open in the name of foreign correspondents can only be carried out in the amount of existing provisions.
The annual interest rate applicable to credit balances is set freely by each bank whereas overdraft give rise systematically to interest collection for an annual rate that corresponds at least to the money market day rate.
IV- Account receivable conditions
Annual interest rate applicable to all forms of loans regardless of duration are freely set by the bank.
Exchange and guarantee equalisation commissions (provided for by circular of the BCT to banks n°85-25 and circular of the BCT to banks n°85-26 of 2 July 1985 as modified by circular of the BCT to banks n°88-27 of 15 November 1988) are added to the rates fixed by the bank.
V - Terms for granting loans, controlling and refinancing
Banks are called to respect norms for granting loans fixed by circular of the BCT to banks n°87-47 of 23 December 1987.
They must as well make sure that the financing they give is the best updated, in terms of form, volume and durations, to the customer's real needs.
VI- Lending institutions relations with their customers
Law n°2001-65 of 10 July 2001 relating to landing insitutions as modified by law n°2006-19 of 2 May 2006.
As per this law, the lending institutions must ensure quality of their services. They have as well to :
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Set, in a written note, deadlines for implementing banking operations for their customers ;
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Answer, in a written note, to financing applications and to customers demands ;
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Give, the customer, on a regular basis information with respect to credit and debit operations ;
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Inform private individuals who contract loans at variable rates about repercussions of any increase in the money market rate on reimbursement of these loans in principal and interest ;
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Deliver the depreciation schedule contracted to any private individual benefiting from loans.
Circular of the BCT to lending institutions n° 2006-12 of 19 October 2006 as completed by circular of the BCT to lending institutions n°2008-10 of 5 may 2008.
Management of deposit accounts of private individuals or legal entities for non professional needs is subject to written convention between the bank and the customer which includes general conditions for opening, operating and closing of the account and particular conditions for products, services and means of payment as well as the list and amount of applicable commissions.
Decree n° 2006-1880 of 10 July 2006 published in JORT n° 56 of 14 July 2006 setting up the list and the conditions of banking services
The BCT fixes the minimal general and particular conditions of the convention.
Circular of the BCT to banks n° 2006-11 of 18 October 2006
Each lending institution has to appoint one or several mediators to examine the applications handed over to them by the clients and relating to their disagreement and suggest appropriate solutions within a deadline of no more than 2 months as of the date of referral to the court.
Decree n° 2006-1881 of 10 July 2006 published in JORT n° 56 of 14 July 2006 setting up the operating conditions for bank mediator
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