In the run-up to the feast of sacrifice, Algerian customers are ready to spend. Yet this year, celebrants' buying capacity is curtailed by an unprecedented situation. Algérie Poste, which handles more than 12 millions current accounts used mainly to receive wages, is running out of cash.
Algerian customers, who are used to withdrawing their money from their Algérie Poste accounts, were astonished to find out that they could not take out money due to a shortage of cash.
The situation led to lengthy queues at post offices.
"It's absolutely amazing. I don't think I've ever witnessed a situation like it. I came here to withdraw some money and found out that there was no more cash. It was only 11am. We're used to frequent computer breakdowns, but now we're being told there's no money available at the post office, it's unbelievable," railed Ali Benmouloud, a father of three.
"That shows that the company is very badly managed. I'm angry, especially because I promised my kids I'd take them to buy a sheep for Eid," he added.
Irate buyers flocked to cash machines in the hope of withdrawing their wages, but to no avail.
The panic was so great that Algérie Poste had to take the unusual step of ordering post offices to open on Friday (November 12th), all the while promising to take steps necessary to supply them with cash.
Customer discontent spurred Algérie Poste chief Bouthelja Omari to speak out on Tuesday (November 9th) and shift the blame to the Bank of Algeria.
"It is the fault of the Bank of Algeria, because if there are large volumes of cash circulating outside the banking system and causing a shortage, Algérie Poste is in no way responsible for this. The Bank of Algeria promised to make reserves available to Algérie Poste as a matter of priority, so that salaries could be paid, and the latter has organised itself by establishing committees at the central and local levels," he said.
According to ICT Minister Moussa Benhamadi, "this problem is due to a number of factors, such as the transfer of employees' salaries during the same period, the lack of a culture of saving among citizens, and finally the fact that people do not use other methods of payment for various transactions". He added that "customers must be encouraged to use methods of payment other than cash".
The Bank of Algeria defended itself, with its communications director saying that "the shortage of cash is due to the high demand for banknotes, which sometimes happens just before religious festivals. There is also a great deal of paper money being handled outside the banking system. This is money that takes time to return to the banking system."
However, the explanations failed to assuage customers, angry at the lack of responsiveness on the part of Algérie Poste.
"This situation has been going on for several days. I've gone to counters time after time. I've been to a number of post offices, but had no luck. It's a time to spend money. This means that if I didn't have any cash saved up at home or a savings account at a bank, I would be stuck, I wouldn't even be able to do the shopping that I need to do for Eid," said Naima Fellah, a working mother of one.
"I'm dismayed at this situation and wonder how long it will last," she said.
© Magharebia.com 2010
