Algerian President Tebboune Removes Central Bank Governor, Appoints Interim Successor

Algerian President Abdelmadjid Tebboune terminated the duties of Banque d’Algérie Governor Salah Eddine Taleb, appointing Deputy Governor Moatasem Boudiaf as acting governor, according to an official statement released Sunday by the presidency and carried by the state news agency.

The move marks a significant change at the helm of Algeria’s central bank, a key institution overseeing monetary policy and financial stability in one of North Africa’s largest economies. No official reason was provided for Taleb’s dismissal.

Taleb had served as governor since May 2022, succeeding Rostom Fadhli. Prior to his appointment, he chaired the Monetary and Credit Council before taking over leadership of the central bank, which played a central role in managing unconventional monetary measures during the previous political era.

Taleb was closely associated with policies that shaped Algeria’s recent monetary landscape, including oversight of credit approvals for companies and private sector borrowers. He also brought decades of experience in banking regulation and monetary policy, having held several senior positions within the financial system.

During his tenure, Taleb guided the central bank through a period marked by economic volatility, inflationary pressures, and efforts to modernize the financial sector. He consistently emphasized the resilience of the Algerian economy, pointing to growth outside the hydrocarbons sector, relatively high foreign exchange reserves, and a gradual easing of inflation.

Under Taleb’s leadership, the Banque d’Algérie focused on strengthening the banking system’s capacity to finance the economy, including institutional support measures and selective easing of prudential regulations. He also highlighted progress in combating money laundering and terrorist financing, drawing praise from international regulatory bodies.

Taleb represented Algeria in high-level international forums, including the annual meetings of the International Monetary Fund and the World Bank in Washington, where he addressed issues related to global financial stability, growth prospects, and the impact of shifting geo-economic policies.

Moatasem Boudiaf, who has been serving as deputy governor, was appointed to lead the central bank on an interim basis. His appointment is expected to ensure continuity in monetary policy while authorities assess the next phase of leadership at the institution.