Algerian President Tebboune Orders Cutting Off Relations With Moroccan Insurance Companies

In an unprecedented move by the Algerian regime, President Abdelmajid Tebboune ordered governmental and other private economic companies to terminate their contractual relations with foreign entities, which he described as hostile to Algeria, on the pretext that they affect the “vital and security interests” of the country.

Tebboune’s instructions concerned two state insurance companies, namely the National Insurance Company and the Algerian Company for Insurance and Reinsurance, which have established connections with Moroccan institutions.

Tebboune gave instructions to the Minister of Finance to prevent the transfer of profits from contracts of this type abroad, and set a maximum period of 10 days to put an end to these relations.