ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 46–53

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Conference Title

‫ﻣﻘﻮﻣﺎﺕ ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﻓﻲ ﺍﻟﻨﻈﺎﻡ ﺍﻟﻤﺼﺮﻓﻲ ﺍﻟﺠﺰﺍﺋﺮﻱ ﻭﺳﺒﻞ ﺗﻔﻌﻴﻠﻬﺎ‬

Elements of banking intermediation in the Algerian Banking system and

the means to activate it

*‫ ﻋﺒﺪ ﺍﻟﺮﺯﺍﻕ ﺣﺒﺎﺭ‬.‫ﺩ‬

‫ ﺍﻟﺠﺰﺍﺋﺮ‬،‫ ﺟﺎﻣﻌﺔ ﺣﺴﻴﺒﺔ ﺑﻦ ﺑﻮ ﻋﻠﻲ ﺍﻟﺸﻠﻒ‬،‫ﺃﺳﺘﺎﺫ ﻣﺤﺎﺿﺮ‬
Dr. Habbar Abderezak*
Lecturer, University of Chlef, Algeria

ARTICLE INFO ABSTRACT

Algerian banks are so far the main source of funding for the Algerian economy including the public
Article history:
sector. In this context, we found that the banking sector is still subject to the trends of government
Received August 2011 authorities to justify this relationship by looking forward to achieving economic development, but on the
Received in revised form July 2012 other side this restricts the activity of banks in terms of banking intermediation.
Banking intermediation raises several interrelated issues for banks, the central bank and the Treasury. It is
Accepted July 2012
linked to the gross domestic product, money supply and bank liquidity, etc. These elements will be
examined in this article to learn the elements of bank intermediation in the Algerian banking system and
Keywords: ways of strengthening it.
Banks © 2014 Holy Spirit University of Kaslik. Hosting by Elsevier B.V. All rights reserved.
Funding
Liquidity
Mediation
Deposits
Loans

* Corresponding author. Tel.: +213558372732; Fax: +21327721977.

E-mail address: habbar_abderezak@yahoo.fr
Peer review under responsibility of Holy Spirit University of Kaslik.

2214-4625/$ – see front matter ©2014 Holy Spirit University of Kaslik. Hosting by Elsevier B.V. All rights reserved.
http://dx.doi.org/10.1016/j.aebj.2013.02.001
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‫ﺍﻟﻜﻠﻤﺎﺕ ﺍﻟﻤﻔﺘﺎﺣﻴﺔ‪:‬‬ ‫ﻣﻠﺨﺺ‬

‫ﺍﻟﺒﻨﻮﻙ‬
‫ﻳﻌﺘﻤ ﺪ ﺍﻻﻗﺘﺼ ﺎﺩ ﺍﻟﺠﺰﺍﺋ ﺮﻱ ﺑﺸ ﻜﻞ ﺭﺋﻴﺴ ﻲ ﻋﻠ ﻰ ﺍﻟﺒﻨ ﻮﻙ ﻓ ﻲ ﺗﻤﻮﻳ ﻞ ﻣﺨﺘﻠ ﻒ ﺍﻟﻤﺸ ﺎﺭﻳﻊ ﺧﺼﻮﺻ ﺎ ﺍﻟﺘﺎﺑﻌ ﺔ ﻟﻠﻘﻄ ﺎﻉ ﺍﻟﻌ ﺎﻡ‪ ،‬ﻭﻋﻠﻴ ﻪ ﻓ ﺎﻥ ﺍﻟﻘﻄ ﺎﻉ‬
‫ﺍﻟﺘﻤﻮﻳﻞ‬ ‫ﺍﻟﻤﺼﺮﻓﻲ ﺍﻟﺠﺰﺍﺋﺮﻱ ﺍﻟﻌﻤﻮﻣﻲ ﻻ ﻳﺰﺍﻝ ﻳﺨﻀﻊ ﻟﺘﻮﺟﻬﺎﺕ ﺍﻟﺴﻠﻄﺎﺕ ﺍﻟﺤﻜﻮﻣﻴﺔ ﺍﻟﻤﻌﺘﻤﺪﺓ ﺑﻤﺒﺮﺭ ﺗﺤﻘﻴﻖ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼ ﺎﺩﻳﺔ‪ .‬ﺇﻻ ﺃﻥ ﻫ ﺬﻩ ﺍﻟﻮﺿ ﻌﻴﺔ‬
‫ﺍﻟﺴﻴﻮﻟﺔ‬ ‫ﺗﻘﻴﺪ ﺍﻟﺒﻨﻮﻙ ﻓﻲ ﻧﺸﺎﻁﻬﺎ ﺧﺼﻮﺻﺎ ﻓﻲ ﻣﺎ ﻳﺘﻌﻠﻖ ﺑﺎﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﻭﺗﺤﻮﻝ ﺩﻭﻥ ﺗﻄﻮﺭﻫﺎ ﻭﺇﻳﻔﺎﺋﻬﺎ ﺑﺎﻟﺘﺰﺍﻣﺎﺗﻬﺎ‪.‬‬
‫ﻳﺜﻴﺮ ﻣﻮﺿﻮﻉ ﺍﻟﻮﺳ ﺎﻁﺔ ﺍﻟﻤﺼ ﺮﻓﻴﺔ ﻋ ﺪﺓ ﺇﺷ ﻜﺎﻟﻴﺎﺕ ﻣﺘﺪﺍﺧﻠ ﺔ ﻟﻬ ﺎ ﻋﻼﻗ ﺔ ﺑ ﺎﻟﺒﻨﻮﻙ ﻭﺍﻟﺒﻨ ﻚ ﺍﻟﻤﺮﻛ ﺰﻱ ﻭﺍﻟﺨﺰﻳﻨ ﺔ ﺍﻟﻌﻤﻮﻣﻴ ﺔ‪ ،‬ﻛﻤ ﺎ ﻟﻬ ﺎ ﺻ ﻠﺔ ﺑﺎﻟﻨ ﺎﺗﺞ‬
‫ﺍﻟﻮﺳﺎﻁﺔ‬
‫ﺍﻟﻤﺤﻠﻲ ﺍﻟﺨﺎﻡ ﻭﺍﻟﻤﻌﺮﻭﺽ ﺍﻟﻨﻘﺪﻱ ﻭﺍﻟﺴﻴﻮﻟﺔ ﺍﻟﻤﺼ ﺮﻓﻴﺔ ﺍﻟ ﺦ‪ ،‬ﻭﻫ ﻲ ﺍﻟﻌﻨﺎﺻ ﺮ ﺍﻟﺘ ﻲ ﺳﻨﺪﺭﺳ ﻬﺎ ﻣ ﻦ ﺧ ﻼﻝ ﻫ ﺬﻩ ﺍﻟﻮﺭﻗ ﺔ ﺍﻟﺒﺤﺜﻴ ﺔ ﻟﻤﻌﺮﻓ ﺔ ﻣﻘﻮﻣ ﺎﺕ‬
‫ﺍﻟﻮﺩﺍﺋﻊ‬ ‫ﺍﻟﻮﺳ ﺎﻁﺔ ﺍﻟﻤﺼ ﺮﻓﻴ ﺔ ﻓ ﻲ ﺍﻟﻨﻈ ﺎﻡ ﺍﻟﻤﺼ ﺮﻓﻲ ﺍﻟﺠﺰﺍﺋ ﺮﻱ ﻭﺳ ﺒﻞ ﺗ ﺪﻋﻴﻤﻬﺎ‪ ،‬ﺳ ﻮﺍء ﻣ ﻦ ﺧ ﻼﻝ ﺍﻟﺮﻓ ﻊ ﻣ ﻦ ﻛﻔ ﺎءﺓ ﺍﻟﺒﻨ ﻮﻙ ﻓ ﻲ ﺟ ﺬﺏ ﺍﻟﻮﺩﺍﺋ ﻊ ﻭﻣ ﻨﺢ‬
‫ﺍﻟﻘﺮﻭﺽ‬ ‫ﺍﻟﻘﺮﻭﺽ‪ ،‬ﺃﻭ ﻣﻦ ﺧﻼﻝ ﺇﻳﺠﺎﺩ ﺑﺪﺍﺋﻞ ﺗﻤﻮﻳﻠﻴﺔ ﺃﺧﺮﻯ ﻟﻠﻤﺸﺎﺭﻳﻊ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺗﺨﻔﻒ ﺍﻟﻀﻐﻮﻁ ﻋﻠﻰ ﺍﻟﺒﻨﻮﻙ‪.‬‬

‫‪ .5.1‬ﻣﻨﻬﺞ ﺍﻟﺒﺤﺚ‬ ‫‪ 1 .‬ﻣﻘﺪﻣﺔ‪:‬‬

‫ﻟﻤﻌﺎﻟﺠﺔ ﺇﺷﻜﺎﻟﻴﺔ ﺍﻟﺒﺤﺚ ﺍﻋﺘﻤﺪﻧﺎ ﻋﻠﻰ ﺍﻟﻤﻨﻬﺞ ﺍﻟﻮﺻﻔﻲ ﺍﻟﺘﺤﻠﻴﻠﻲ‪.‬‬ ‫ﺗﺮﺗﻜﺰ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻋﻠﻰ ﻣﺠﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻤﻘﻮﻣﺎﺕ ﺃﻫﻤﻬﺎ ﻋﻤﻠﻴﺔ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺘﻲ ﺗﻮﻓﺮ ﺣﺎﺟﻴﺎﺕ‬
‫ﺍﻟﻤﺸﺎﺭﻳﻊ ﻣﻦ ﻭﺳﺎﺋﻞ ﻣﺎﺩﻳﺔ ﻭﻏﻴﺮ ﻣﺎﺩﻳﺔ‪ ،‬ﻭﺗﺨﺘﻠﻒ ﺍﻟﺪﻭﻝ ﻓﻲ ﻁﺒﻴﻌﺔ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺬﻱ ﺗﻮﻓﺮﻩ ﻭﺇﻥ ﻛﺎﻥ‬
‫‪ .2‬ﺩﻭﺭ ﺍﻟﻨﻈﺎﻡ ﺍﻟﻤﺼﺮﻓﻲ‬ ‫ﺍﻟﺘﻮﺟﻪ ﺍﻷﻧﺴﺐ ﺇﻟﻰ ﺍﻟﺘﻨﻮﻳﻊ ﻓﻲ ﻣﺼﺎﺩﺭ ﺍﻟﺘﻤﻮﻳﻞ ﺑﻴﻦ ﺍﻟﺒﻨﻮﻙ ﻭﺍﻷﺳﻮﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺇﺿﺎﻓﺔ ﺇﻟﻰ ﺍﻟﺘﻤﻮﻳﻞ‬
‫ﺍﻟﺬﺍﺗﻲ‪ ،‬ﻭﻟﻌﻞ ﻫﺬﺍ ﺍﻟﺘﻨﻮﻳﻊ ﻧﺠﺪﻩ ﺑﺸﻜﻞ ﺑﺎﺭﺯ ﻓﻲ ﺍﻟﺪﻭﻝ ﺍﻟﻤﺘﻘﺪﻣﺔ ﺫﺍﺕ ﺍﻷﺩﺍء ﺍﻻﻗﺘﺼﺎﺩﻱ ﺍﻟﻘﻮﻱ‪ ،‬ﻓﻲ‬
‫ﺗﺮﺗﻜﺰ ﻋﻤﻠﻴﺔ ﺍﻻﺩﺧﺎﺭ ﻭﺍﻻﺳﺘﺜﻤﺎﺭ ﻓﻲ ﺍﻻﻗﺘﺼﺎﺩﻳﺎﺕ ﺍﻟﺮﺃﺳﻤﺎﻟﻴﺔ ﻋﻠﻰ ﺩﻭﺭ ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺎﻟﻴﺔ‪ ،‬ﺣﻴﺚ‬ ‫ﺣﻴﻦ ﺗﺒﻘﻰ ﺍﻟﺪﻭﻝ ﺍﻟﻨﺎﻣﻴﺔ ﺗﺮﺗﻜﺰ ﺑﺸﻜﻞ ﺃﺳﺎﺳﻲ ﻋﻠﻰ ﻋﻤﻠﻴﺔ ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﻭﻣﺎ ﺗﻘﺪﻣﻪ ﺍﻟﺒﻨﻮﻙ ﻣﻦ‬
‫ﻳﻘﻮﻡ ﺍﻟﻮﺳﻄﺎء ﺍﻟﻤﺎﻟﻴﻮﻥ ﺑﺎﻻﻗﺘﺮﺍﺽ ﻣﻦ ﺍﻟﻤﺪﺧﺮﻳﻦ ﻭﺍﻟﻤﺴﺘﻬﻠﻜﻴﻦ ﻭﺇﻗﺮﺍﺽ ﻓﻲ ﺍﻟﻤﻘﺎﺑﻞ ﻣﻦ ﻫﻢ ﻓﻲ‬ ‫ﺗﻤﻮﻳﻞ ﻟﻠﻌﺪﻳﺪ ﻣﻦ ﺍﻟﻤﺸﺎﺭﻳﻊ ﻭﺍﻟﻤﺆﺳﺴﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻓﻲ ﻅﻞ ﺿﻌﻒ ﺃﺳﻮﺍﻗﻬﺎ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
‫ﺣﺎﺟﺔ ﺇﻟﻰ ﺍﻟﻤﻮﺍﺭﺩ ﻻﺳﺘﺜﻤﺎﺭﻫﺎ‪ ،‬ﻭﻋﻠﻴﻪ ﻧﺠﺪ ﺃﻥ ﺍﻟﻮﺳﻄﺎء ﺍﻟﻤﺎﻟﻴﻴﻦ ﺑﺎﺳﺘﻄﺎﻋﺘﻬﻢ ﺗﻘﺪﻳﻢ ﻣﺠﻤﻮﻋﺔ‬ ‫ﺃﻗﺮﺕ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻟﻨﻈﺮﻳﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻋﻠﻰ ﺗﻌﺪﺩ ﺗﻮﺟﻬﺎﺗﻬﺎ ﺍﻟﻔﻜﺮﻳﺔ ﺑﺎﻟﻌﻼﻗﺔ ﺍﻟﻄﺮﺩﻳﺔ ﺍﻟﺘﻲ ﺗﺮﺑﻂ‬
‫ﻣﺘﻨﻮﻋﺔ ﻣﻦ ﺍﻟﺨﺪﻣﺎﺕ ﻻ ﺗﺴﺘﻄﻴﻊ ﺍﻷﺳﻮﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﺗﻘﺪﻳﻤﻬﺎ‪ ،‬ﻭﺑﺎﻟﻨﻈﺮ ﺇﻟﻰ ﺻﻌﻮﺑﺔ ﻭﺗﻌﻘﻴﺪﺍﺕ ﻋﻤﻠﻴﺔ‬ ‫ﺑﻴﻦ ﺍﻟﺘﻤﻮﻳﻞ ﻭﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪ ،‬ﻭﺃﻥ ﺍﺧﺘﻼﻝ ﻋﻤﻠﻴﺔ ﺍﻟﺘﻤﻮﻳﻞ ﻟﻬﺎ ﺁﺛﺎﺭ ﺍﻟﺘﻲ ﻗﺪ ﺗﻮﺻﻞ ﺇﻟﻰ ﺣﺪﻭﺙ‬
‫ﺍﻟﻮﺳﺎﻁﺔ )ﺍﻟﺮﻗﺎﺑﺔ‪ ،‬ﻋﺪﻡ ﺗﻨﺎﻅﺮ ﺍﻟﻤﻌﻠﻮﻣﺎﺕ‪ ،‬ﺍﻻﻟﺘﺰﺍﻣﺎﺕ‪ ،‬ﺍﻟﺘﻜﺎﻟﻴﻒ‪... ،‬ﺍﻟﺦ( ﻓﺎﻥ ﺍﻟﺒﻨﻚ ﻳﻌﺘﺒﺮ ﻣﻦ ﺃﻫﻢ‬ ‫ﺃﺯﻣﺔ ﺍﻗﺘﺼﺎﺩﻳﺔ ﻭﺗﻬﺪﺩ ﺑﺎﺳﺘﻘﺮﺍﺭ ﺍﻟﻨﺴﻴﺞ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻟﻠﺪﻭﻟﺔ ﻭﻳﺰﺩﺍﺩ ﺍﻷﻣﺮ ﺳﻮءﺍ ﺇﺫﺍ ﻛﺎﻥ ﺍﻟﺘﻤﻮﻳﻞ‬
‫ﻭﺃﻓﻀﻞ ﺍﻷﻋﻮﺍﻥ ﺍﻟﺘﻲ ﺗﻮﻛﻞ ﻟﻬﻢ ﻫﺬﻩ ﺍﻟﻤﻬﻤﺔ‪.‬‬ ‫ﻳﻘﺘﺼﺮ ﻋﻠﻰ ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﺑﺎﻟﻨﻈﺮ ﻟﺨﺼﻮﺻﻴﺔ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺘﻲ ﺗﺘﻌﺎﻣﻞ ﺑﺄﻣﻮﺍﻝ ﺍﻟﻐﻴﺮ ﻭﺗﻮﺍﺟﻪ‬
‫ﻣﻦ ﺟﻬﺔ ﺃﺧﺮﻯ ﺗﻌﺘﺒﺮ ﺍﻟﺒﻨﻮﻙ ﺇﻟﻰ ﺟﺎﻧﺐ ﺍﻟﺒﻨﻮﻙ ﺍﻟﻤﺮﻛﺰﻳﺔ ﻭﺍﻟﺨﺰﻳﻨﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ ﺍﻟﻤﺴﺆﻭﻟﺔ ﻋﻦ ﺧﻠﻖ‬ ‫ﺍﻟﻤﺨﺎﻁﺮ ﺑﺸﻜﻞ ﻣﺴﺘﻤﺮ ﻭﻣﺘﺰﺍﻳﺪ‪.‬‬
‫ﺍﻟﺴﻴﻮﻟﺔ ﺍﻟﺘﻲ ﻳﺤﺘﺎﺝ ﻟﻬﺎ ﺍﻻﻗﺘﺼﺎﺩ ﺑﺤﻜﻢ ﺗﻮﺳﻊ ﺍﻟﻨﺸﺎﻁ ﺍﻻﻗﺘﺼﺎﺩﻱ )ﺗﻘﻮﻡ ﺍﻟﺒﻨﻮﻙ ﺑﺘﻮﻓﻴﺮ ﻭﺳﺎﺋﻞ ﺍﻟﺪﻓﻊ‬ ‫ﺗﻘﺎﺱ ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﻣﻦ ﺧﻼﻝ ﺍﻟﻘﺪﺭﺓ ﻋﻠﻰ ﺟﻤﻊ ﺍﻟﻮﺩﺍﺋﻊ ﻭﻣﻨﺢ ﺍﻟﻘﺮﻭﺽ‪ ،‬ﻭﺗﺮﺗﺒﻂ ﺍﻷﻭﻟﻰ‬
‫ﻟﺰﺑﺎﺋﻨﻬﺎ(‪ ،‬ﻭﻋﻠﻰ ﻫﺬﺍ ﺍﻷﺳﺎﺱ ﻳﺘﻠﺨﺺ ﺩﻭﺭ ﺍﻟﻨﻈﺎﻡ ﺍﻟﻤﺼﺮﻓﻲ ﻓﻲ ﺗﺴﻴﻴﺮ ﻭﺳﺎﺋﻞ ﺍﻟﺪﻓﻊ ﻭﺧﻠﻖ ﺍﻟﺴﻴﻮﻟﺔ‬ ‫ﺑﺎﻟﺴﻴﺎﺳﺔ ﺍﻟﻨﻘﺪﻳﺔ ﻭﺍﻟﺘﻀﺨﻢ ﻭﻟﻬﺬﺍ ﺍﻟﺴﺒﺐ ﻳﺘﺪﺧﻞ ﺍﻟﺒﻨﻚ ﺍﻟﻤﺮﻛﺰﻱ ﻋﺎﺩﺓ ﻓﻲ ﺿﺒﻂ ﻭﻣﺘﺎﺑﻌﺔ ﻭﻣﺮﺍﻗﺒﺔ‬
‫ﺍﻟﻼﺯﻣﺔ ﻟﻼﻗﺘﺼﺎﺩ‪.‬‬ ‫ﻋﻤﻠﻴﺔ ﺍﻟﻮﺩﺍﺋﻊ‪ ،‬ﻛﻤﺎ ﺗﺮﺗﺒﻂ ﺍﻟﺜﺎﻧﻴﺔ ﺑﺘﻤﻮﻳﻞ ﺍﻟﻨﺴﻴﺞ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭﺗﺴﺮﻳﻊ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻭﻫﻨﺎ ﺗﻘﺎﺱ‬
‫ﻗﺪﺭﺓ ﺍﻟﺒﻨﻮﻙ ﻋﻠﻰ ﺗﺄﻁﻴﺮ ﺍﻻﺩﺧﺎﺭ ﻓﻲ ﺃﻭﻋﻴﺔ ﻣﻨﺘﺠﺔ ﻛﻤﺎ ﻳﺘﺒﻴﻦ ﻣﺪﻯ ﻧﻀﺞ ﺍﻟﻘﻄﺎﻉ ﺍﻟﻤﺼﺮﻓﻲ ﻣﻘﺎﺭﻧﺔ‬
‫‪ .1.2‬ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﻤﺼﺮﻓﻲ ﻭﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‬ ‫ﻣﻊ ﺣﺠﻢ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﻤﻤﻨﻮﺡ ﻟﻠﻘﻄﺎﻉ ﺍﻟﺨﺎﺹ‪.‬‬

‫ﺗﻘﺮ ﻏﺎﻟﺒﻴﺔ ﺍﻟﻨﻈﺮﻳﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺑﻮﺟﻮﺩ ﻋﻼﻗﺔ ﻁﺮﺩﻳﺔ ﺑﻴﻦ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﻤﺼﺮﻓﻲ ﻣﻦ ﺟﻬﺔ ﻭﺍﻟﺘﻨﻤﻴﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻣﻦ ﺟﻬﺔ ﺃﺧﺮﻯ‪ ،‬ﺣﻴﺚ ﺃﺷﺎﺭ ‪ Schumpeter‬ﻓﻲ ﺑﺪﺍﻳﺔ ﺍﻟﻘﺮﻥ ﺍﻟﻌﺸﺮﻳﻦ )‪ (1912‬ﺇﻟﻰ‬
‫ﺍﻷﻫﻤﻴﺔ ﺍﻟﻜﺒﻴﺮﺓ ﻟﻠﺒﻨﻮﻙ ﻓﻲ ﺍﻟﻨﺸﺎﻁ ﺍﻻﻗﺘﺼﺎﺩﻱ‪ ،‬ﻭﺩﻭﺭﻫﺎ ﺍﻻﻳﺠﺎﺑﻲ ﻓﻲ ﺍﻟﺘﻨﻤﻴﺔ ﻣﻦ ﺧﻼﻝ ﺗﻤﻮﻳﻞ ﻋﻤﻠﻴﺔ‬
‫ﺍﻟﺘﺠﺪﻳﺪ ﻭﺍﻻﺑﺘﻜﺎﺭ‪ ،‬ﻛﻤﺎ ﺣﻈﻴﺖ ﺍﻟﺒﻨﻮﻙ ﺑﺄﻫﻤﻴﺔ ﺑﺎﻟﻐﺔ ﻓﻲ ﺍﻟﺘﺤﻠﻴﻞ ﺍﻟﻜﻨﺰﻱ‪ ،‬ﺣﻴﺚ ﺗﻮﻛﻞ ﻟﻬﺎ ﺍﻟﻤﻬﻤﺔ ﻓﻲ‬
‫ﻣﻨﺢ ﺍﻟﻘﺮﻭﺽ ﻭﺗﻜﻠﻒ ﺑﺘﺨﻔﻴﺾ ﻣﺨﺎﻁﺮ ﻋﺪﻡ ﺍﻟﺘﺄﻛﺪ ﻓﻲ ﺍﻟﻤﺴﺘﻘﺒﻞ‪.‬‬
‫ﻳﺮﺗﻜﺰ ﺍﻻﻗﺘﺼﺎﺩﻳﻮﻥ ﺍﻟﺪﺍﻋﻤﻮﻥ ﻟﻠﻨﻈﺎﻡ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺍﻟﻤﻮﺟﻪ ﻣﻦ ﻁﺮﻑ ﺍﻟﺒﻨﻮﻙ ﻋﻠﻰ ﺛﻼﺛﺔ ﺭﻛﺎﺋﺰ‬
‫ﺃﺳﺎﺳﻴﺔ ﺗﺴﺎﻫﻢ ﺑﺸﻜﻞ ﺍﻳﺠﺎﺑﻲ ﻓﻲ ﺗﺤﻘﻴﻖ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ@‪:>1‬‬
‫‪ -‬ﺗﺴﻤﺢ ﺍﻟﺒﻨﻮﻙ ﺑﺄﻓﻀﻞ ﺗﻌﺒﺌﺔ ﻟﺮﺃﺱ ﺍﻟﻤﺎﻝ ﻭﺗﺤﺴﻴﻦ ﻋﻤﻠﻴﺔ ﺍﻟﺤﻮﻛﻤﺔ ﻣﻦ ﺧﻼﻝ ﺗﺠﻤﻴﻊ ﺍﻟﻤﻌﻠﻮﻣﺎﺕ‬
‫ﺍﻟﻤﺘﻌﻠﻘﺔ ﺑﺎﻟﻤﺆﺳﺴﺎﺕ ﻭﺍﻟﻤﺪﺭﺍء ‪(Diamond>2@, 1984 ; Ramakrishman and Tchakor>3@,‬‬
‫‪.( 1984‬‬
‫‪ -‬ﺍﻟﺮﻓﻊ ﻣﻦ ﻓﻌﺎﻟﻴﺔ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ ﻭﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﻋﻦ ﻁﺮﻳﻖ ﺗﺴﻴﻴﺮ ﻣﺨﺎﻁﺮ ﺍﻟﺴﻴﻮﻟﺔ ‪(Allen‬‬
‫)‪.and Gale>4@, 1999 ; Bencivenga and Smith>5@, 1991‬‬
‫‪ -‬ﺗﻌﺒﺌﺔ ﺭﺃﺱ ﺍﻟﻤﺎﻝ ﻟﻼﺳﺘﻔﺎﺩﺓ ﻣﻦ ﺍﻗﺘﺼﺎﺩﻳﺎﺕ ﺍﻟﺴﻠﻢ ‪.( (Sirri and Tufano>6@, 1995‬‬
‫‪ .1.1‬ﺃﻫﻤﻴﺔ ﺍﻟﺒﺤﺚ‬
‫ﺗﻜﻤﻦ ﺃﻫﻤﻴﺔ ﺍﻟﺒﺤﺚ ﻓﻲ ﺍﺳﺘﻤﺮﺍﺭ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻟﺪﻭﻝ – ﺧﺼﻮﺻﺎ ﺍﻟﻨﺎﻣﻴﺔ ﻣﻨﻬﺎ – ﻓﻲ ﺍﻟﺘﻌﻮﻳﻞ ﻋﻠﻰ‬
‫ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﻓﻲ ﺗﻤﻮﻳﻞ ﻋﻤﻠﻴﺔ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺑﻤﺨﺘﻠﻒ ﺃﺑﻌﺎﺩﻫﺎ ﺍﻟﺠﺰﺋﻴﺔ ﻭﺍﻟﻜﻠﻴﺔ‪ ،‬ﻭﻻ ﺗﺰﺍﻝ‬
‫ﺍﻟﺒﻨﻮﻙ ﺭﻏﻢ ﺗﻄﻮﺭ ﺍﻷﻧﻈﻤﺔ ﺍﻟﻤﺎﻟﻴﺔ ﺗﻤﺜﻞ ﺍﻟﺮﻛﻴﺰﺓ ﺍﻷﺳﺎﺳﻴﺔ ﻓﻲ ﻫﺬﻩ ﺍﻷﻧﻈﻤﺔ‪.‬‬
‫‪ .2.1‬ﺍﻟﻬﺪﻑ ﻣﻦ ﺍﻟﺒﺤﺚ‬
‫ﻧﻬﺪﻑ ﻣﻦ ﺧﻼﻝ ﻫﺬﺍ ﺍﻟﺒﺤﺚ ﺇﻟﻰ ﺩﺭﺍﺳﺔ ﻣﻘﻮﻣﺎﺕ ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﻓﻲ ﺍﻟﻨﻈﺎﻡ ﺍﻟﻤﺼﺮﻓﻲ‬
‫ﺍﻟﺠﺰﺍﺋﺮﻱ ﻭﺍﻟﺘﻌﺮﺽ ﻟﻤﺠﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻤﺆﺷﺮﺍﺕ ﺍﻟﺘﻲ ﺗﻘﻴﺲ ﻣﺪﻯ ﻓﻌﺎﻟﻴﺔ ﻭﻧﺠﺎﻋﺔ ﻋﻤﻠﻴﺔ ﺍﻟﻮﺳﺎﻁﺔ‬
‫ﺍﻟﻤﺼﺮﻓﻴﺔ‪ ،‬ﻭﺍﻟﺒﺤﺚ ﻓﻲ ﺳﺒﻞ ﺗﺪﻋﻴﻢ ﻫﺬﻩ ﺍﻟﻌﻤﻠﻴﺔ‪.‬‬
‫‪ .3.1‬ﺇﺷﻜﺎﻟﻴﺔ ﺍﻟﺒﺤﺚ‬

‫‪ .2.2‬ﺩﻭﺭ ﺍﻟﺒﻨﻮﻙ ﻓﻲ ﺗﻤﻮﻳﻞ ﺍﻟﺘﻨﻤﻴﺔ‬ ‫ﺑﻨﺎءﺍ ﻋﻠﻰ ﺃﻫﻤﻴﺔ ﻟﻤﻮﺿﻮﻉ ﺍﻟﺒﺤﺚ ﻭﻟﻠﺘﻤﻜﻦ ﻣﻦ ﺗﺤﻘﻴﻖ ﻫﺪﻑ ﺍﻟﺪﺭﺍﺳﺔ‪ ،‬ﻧﻄﺮﺡ ﺇﺷﻜﺎﻟﻴﺔ ﺍﻟﺒﺤﺚ‬
‫ﺍﻟﺘﺎﻟﻴﺔ‪ :‬ﻣﺎ ﻫﻲ ﻣﻘﻮﻣﺎﺕ ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﻓﻲ ﺍﻟﻨﻈﺎﻡ ﺍﻟﻤﺼﺮﻓﻲ ﺍﻟﺠﺰﺍﺋﺮﻱ ﻭﻣﺎ ﻫﻲ ﺳﺒﻞ ﺗﻔﻌﻴﻠﻬﺎ؟‬
‫ﺃﺻﺒﺢ ﺍﻟﻨﻈﺎﻡ ﺍﻟﻤﺼﺮﻓﻲ ﺃﺣﺪ ﺃﻫﻢ ﺍﻟﺸﺮﻛﺎء ﺍﻟﺬﻳﻦ ﺗﻌﺘﻤﺪ ﻋﻠﻴﻬﻢ ﺍﻟﺪﻭﻟﺔ ﻓﻲ ﺗﺤﻘﻴﻖ ﺍﻟﺘﻨﻤﻴﺔ‪ ،‬ﻭﻫﺬﺍ‬
‫ﺑﺎﻟﻨﻈﺮ ﻟﺪﻭﺭﻩ ﺍﻷﺳﺎﺳﻲ ﻓﻲ ﺧﻠﻖ ﻭﺗﻌﺒﺌﺔ ﺍﻟﻤﻮﺍﺭﺩ ﺍﻟﻮﻁﻨﻴﺔ ﻭﺍﻷﺟﻨﺒﻴﺔ‪ ،‬ﺇﺿﺎﻓﺔ ﺇﻟﻰ ﺧﺪﻣﺎﺕ ﺍﻟﺨﺒﺮﺓ‬ ‫‪ .4.1‬ﺍﻟﻔﺮﺿﻴﺎﺕ‬
‫ﺍﻟﻀﺮﻭﺭﻳﺔ ﺍﻟﺘﻲ ﻳﻘﺪﻣﻬﺎ ﻓﻲ ﻣﺠﺎﻝ ﺍﺧﺘﻴﺎﺭ ﻣﺸﺎﺭﻳﻊ ﺍﻟﺘﻨﻤﻴﺔ ﻭﻛﺬﺍ ﺗﻨﺒﻴﻪ ﺍﻟﻤﺴﺘﺜﻤﺮﻳﻦ ﺍﻟﻌﻤﻮﻣﻴﻴﻦ‬
‫ﻭﺍﻟﺨﻮﺍﺹ ﻣﻦ ﺍﻟﻤﺨﺎﻁﺮ ﺍﻟﻤﺘﺮﺗﺒﺔ ﺑﻤﺨﺘﻠﻒ ﺃﻧﻮﺍﻋﻬﺎ‪ ،‬ﻭﻳﻤﻜﻦ ﺇﺟﻤﺎﻝ ﺩﻭﺭ ﺍﻟﻨﻈﺎﻡ ﺍﻟﻤﺼﺮﻓﻲ ﻓﻲ ﺗﺤﻘﻴﻖ‬ ‫ﻳﻘﻮﻡ ﺍﻟﻘﻄﺎﻉ ﺍﻟﻤﺼﺮﻓﻲ ﺍﻟﺠﺰﺍﺋﺮﻱ ﺑﺪﻭﺭ ﺗﻤﻮﻳﻠﻲ ﻣﻬﻢ ﻟﻤﺨﺘﻠﻒ ﻣﺆﺳﺴﺎﺕ ﺍﻟﻘﻄﺎﻉ‬ ‫‬
‫ﺍﻟﺘﻨﻤﻴﺔ ﻓﻲ ﺍﻟﻌﻨﺎﺻﺮ ﺍﻟﺘﺎﻟﻴﺔ@‪:>7‬‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻱ ﻓﻲ ﺍﻟﺠﺰﺍﺋﺮ‪.‬‬
‫ﺟﻤﻊ ﺍﻟﻤﺪﺧﺮﺍﺕ‪ :‬ﻳﺴﺘﻄﻴﻊ ﺍﻟﻨﻈﺎﻡ ﺍﻟﻤﺼﺮﻓﻲ ﺗﺄﻁﻴﺮ ﺍﻻﺩﺧﺎﺭ ﺑﻌﺪﺓ ﺃﺷﻜﺎﻝ ﻣﺨﺘﻠﻔﺔ ﺛﻢ ﺇﻋﺎﺩﺓ‬ ‫‪-‬‬ ‫ﺗﺤﻘﻖ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺠﺰﺍﺋﺮﻳﺔ ﻣﺆﺷﺮﺍﺕ ﺍﻳﺠﺎﺑﻴﺔ ﻓﻲ ﻧﺸﺎﻁﻬﺎ ﻛﻮﺳﻴﻂ ﻣﺼﺮﻓﻲ ﺑﻴﻦ ﺍﻟﻤﻮﺩﻋﻴﻦ‬ ‫‬
‫ﺗﻮﺯﻳﻌﻬﺎ ﻓﻲ ﺍﻻﻗﺘﺼﺎﺩ ﻋﻠﻰ ﺷﻜﻞ ﻗﺮﻭﺽ ﺗﻤﻨﺢ ﻟﻸﻋﻮﺍﻥ ﺍﻻﻗﺘﺼﺎﺩﻳﻴﻦ ﺑﺸﻜﻞ ﻣﻨﻈﻢ‬ ‫ﻭﺍﻟﻤﻘﺘﺮﺿﻴﻦ ﺗﻤﺎﺷﻴﺎ ﻣﻊ ﺍﻟﻤﺆﺷﺮﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺫﺍﺕ ﺍﻟﻌﻼﻗﺔ‪.‬‬
‫ﻭﻣﻨﺘﺞ‪.‬‬ ‫ﺗﺴﺘﻔﻴﺪ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺠﺰﺍﺋﺮﻳﺔ ﻣﻦ ﻣﺴﺎﻧﺪﺓ ﻗﻮﻳﺔ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻋﻠﻰ ﻏﺮﺍﺭ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ‬ ‫‬
‫ﺧﻠﻖ ﺍﻻﺩﺧﺎﺭ ﺍﻟﻤﻨﺘﺞ‪ :‬ﻳﻌﺘﺒﺮ ﺍﻟﻨﻈﺎﻡ ﺍﻟﻤﺼﺮﻓﻲ ﺍﻟﻬﻴﺌﺔ ﺍﻟﻤﺆﺳﺴﻴﺔ ﻭﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻮﺣﻴﺪﺓ ﺍﻟﻘﺎﺩﺭﺓ‬ ‫‪-‬‬ ‫ﻭﺍﻟﺨﺰﻳﻨﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ ﻓﻲ ﺗﺪﻋﻴﻢ ﻧﺸﺎﻁﻬﺎ ﺍﻟﺘﻤﻮﻳﻠﻲ‪.‬‬
‫ﻋﻠﻰ ﺧﻠﻖ ﻭﺗﻄﻮﻳﺮ ﻭﺗﺸﺠﻴﻊ ﺍﻻﺩﺧﺎﺭ ﺍﻟﻤﻨﺘﺞ‪ ،‬ﻭﺗﻮﺟﻴﻪ ﺍﻟﺴﻴﻮﻟﺔ ﺍﻟﻤﺘﺎﺣﺔ ﻧﺤﻮ ﻗﻨﻮﺍﺕ‬ ‫ﺗﺤﺘﺎﺝ ﻋﻤﻠﻴﺔ ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﻓﻲ ﺍﻟﺠﺰﺍﺋﺮ ﺇﻟﻰ ﻣﺸﺎﺭﻛﺔ ﺃﻁﺮﺍﻑ ﻭﻓﺎﻋﻠﻴﻦ ﺁﺧﺮﻳﻦ‬ ‫‬
‫ﺍﺳﺘﺜﻤﺎﺭﻳﺔ ﻣﻨﺘﺠﺔ ﺗﻜﻮﻥ ﻓﻲ ﻣﺼﻠﺤﺔ ﺍﻟﻤﺪﺧﺮ ﻭﺍﻟﺪﻭﻟﺔ )ﺗﺘﻌﺎﻅﻢ ﺃﻫﻤﻴﺔ ﺩﻭﺭ ﺍﻟﻨﻈﺎﻡ‬ ‫ﻳﻘﻮﻣﻮﻥ ﺑﺎﻟﺘﻤﻮﻳﻞ ﺃﻛﺜﺮ ﻣﻦ ﺣﺎﺟﺘﻬﺎ ﺇﻟﻰ ﺇﺻﻼﺡ ﺩﺍﺧﻠﻲ‪.‬‬
‫ﺍﻟﻤﺼﺮﻓﻲ ﻓﻲ ﺍﻟﺪﻭﻝ ﺍﻟﻨﺎﻣﻴﺔ ﻟﻀﻌﻒ ﺍﻻﺩﺧﺎﺭ ﺍﻟﻌﻤﻮﻣﻲ ﻭﺍﻟﺨﺎﺹ(‪.‬‬
‫‪48‬‬ ‫‪ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 46–53‬‬

‫ﺃﻧﻈﻤﺔ ﻭﻗﻮﺍﻧﻴﻦ ﻋﺎﻣﺔ ﻟﻠﺮﻗﺎﺑﺔ ﻋﻠﻰ ﺍﻟﺼﺮﻑ ﻭﺍﻟﺘﺠﺎﺭﺓ ﺍﻟﺨﺎﺭﺟﻴﺔ‪.‬‬ ‫‪-‬‬ ‫ﺧﻠﻖ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﻟﻤﻨﺘﺞ‪ :‬ﺗﻠﻌﺐ ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﺩﻭﺭ ﺗﻤﻮﻳﻞ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻏﻴﺮ ﺍﻟﻤﺒﺎﺷﺮ‬ ‫‪-‬‬
‫ﺃﻧﻈﻤﺔ ﻭﻗﻮﺍﻧﻴﻦ ﻣﺘﻌﻠﻘﺔ ﺑﺨﻠﻖ ﻭﺻﻚ ﻭﺇﻧﺸﺎء ﻭﺗﺪﺍﻭﻝ ﺍﻟﻘﻄﻊ ﺍﻟﻨﻘﺪﻳﺔ ﺍﻟﻤﻌﺪﻧﻴﺔ ﻭﺃﻭﺭﺍﻕ ﺍﻟﺒﻨﻚ‪.‬‬ ‫‪-‬‬ ‫)ﻣﻨﺢ ﻗﺮﻭﺽ ﺍﺳﺘﺜﻤﺎﺭ ﻟﻸﻋﻮﺍﻥ ﺍﻻﻗﺘﺼﺎﺩﻳﻴﻦ(‪ ،‬ﻓﺎﻟﺒﻨﻚ ﻳﺸﺠﻊ ﻭﻳﺪﻋﻢ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﻟﻤﻨﺘﺞ‬
‫ﺳﻤﺤﺖ ﻫﺬﻩ ﺍﻟﻤﺮﺣﻠﺔ ﻟﻠﺒﻨﻮﻙ ﺑﺎﻟﺘﺤﻜﻢ ﺃﻛﺜﺮ ﻓﻲ ﻋﻤﻠﻴﺔ ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﺣﺴﺐ ﻣﺎ ﺗﻘﺘﻀﻴﻪ‬ ‫ﺍﻟﺬﻱ ﺗﻘﻮﻡ ﺑﻪ ﺍﻟﻤﺆﺳﺴﺔ ﻭﺣﺘﻰ ﺇﻟﻐﺎء ﻭﺭﻓﺾ ﺍﻟﺨﻴﺎﺭﺍﺕ ﺍﻟﺴﻴﺌﺔ‪ ،‬ﻛﻤﺎ ﻳﻤﻜﻦ ﻟﻠﺒﻨﻚ ﻟﻌﺐ ﺩﻭﺭ‬
‫ﺣﺎﺟﺘﻬﺎ ﻓﻲ ﻅﻞ ﺧﻔﺾ ﺣﺠﻢ ﺍﻟﻘﻴﻮﺩ ﺍﻟﺤﻜﻮﻣﻴﺔ ﻭﺗﻤﺎﺷﻴﺎ ﻣﻊ ﺳﻴﺎﺳﺎﺕ ﺍﻟﺘﺤﺮﻳﺮ ﺍﻟﻤﺎﻟﻲ ﻭﺍﻟﻤﺼﺮﻓﻲ‬ ‫ﺍﻟﻤﺴﺘﺜﻤﺮ ﺍﻟﻤﺒﺎﺷﺮ ﻣﻦ ﺧﻼﻝ ﺗﻜﻮﻳﻦ ﻣﺤﻔﻈﺔ ﻣﻨﺘﺠﺔ ﺗﺴﻴﺮ ﻭﺗﺪﺍﺭ ﻣﻦ ﻁﺮﻑ ﻓﺮﻭﻋﻬﺎ‪ ،‬ﻭﻫﻨﺎ‬
‫ﺍﻟﻤﺘﺒﻌﺔ‪ ،‬ﻏﻴﺮ ﺃﻧﻪ ﻻ ﺑﻤﻜﻦ ﺍﻟﺤﻜﻢ ﻋﻠﻰ ﻣﺪﻯ ﺍﻳﺠﺎﺑﻴﺔ ﺍﻟﻨﺸﺎﻁ ﺍﻟﺘﻤﻮﻳﻠﻲ ﻟﻠﺒﻨﻮﻙ ﺳﻮﺍء ﺍﻟﻌﻤﻮﻣﻴﺔ ﺃﻭ ﺣﺘﻰ‬ ‫ﺗﻈﻬﺮ ﺣﺎﺟﺔ ﺍﻟﺪﻭﻝ ﺍﻟﻨﺎﻣﻴﺔ ﻓﻲ ﺩﻓﻊ ﺑﻨﻮﻛﻬﺎ ﻟﻼﺳﺘﺜﻤﺎﺭ ﻟﺤﺴﺎﺑﻬﺎ ﺍﻟﺨﺎﺹ‪.‬‬
‫ﺍﻟﺨﺎﺻﺔ )ﺍﻟﺤﺪﻳﺜﺔ ﺍﻟﻨﺸﺄﺓ ﺃﻭ ﺍﻟﻌﻤﻞ( ﺑﺎﻋﺘﺒﺎﺭﻫﺎ ﻣﺮﺣﻠﺔ "ﺍﻧﺘﻘﺎﻟﻴﺔ" ﺃﻓﺮﺯﺕ ﻣﻤﺎﺭﺳﺎﺕ ﻣﺼﺮﻓﻴﺔ ﺟﺪﻳﺪﺓ‬ ‫ﺍﻻﺳﺘﺸﺎﺭﺓ ﻭﺍﻟﺘﻌﺎﻭﻥ ﺍﻟﺘﻘﻨﻲ‪ :‬ﻋﻠﻰ ﺍﻟﻨﻈﺎﻡ ﺍﻟﻤﺼﺮﻓﻲ ﺍﻟﻮﻁﻨﻲ ﻟﻌﺐ ﺩﻭﺭ ﺍﻟﻤﺴﺘﺸﺎﺭ‬ ‫‪-‬‬
‫ﻏﻴﺮ ﻣﻌﻤﻮﻝ ﺑﻬﺎ ﺳﺎﺑﻘﺎ‪.‬‬ ‫ﻭﺍﻟﻤﻮﺟﻪ ﻭﺍﻟﻤﻜﻮﻥ ﻟﻺﻁﺎﺭﺍﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻟﻠﻤﺆﺳﺴﺎﺕ ﻋﻠﻰ ﺟﻤﻴﻊ ﺍﻟﻤﺴﺘﻮﻳﺎﺕ ﻭﺑﺎﻟﺨﺼﻮﺹ‬
‫ﺗﻜﻮﻳﻦ ﺇﻁﺎﺭﺍﺕ ﻗﺎﺩﺭﺓ ﻋﻠﻰ ﺗﻘﻴﻴﻢ ﺍﻟﻤﺸﺎﺭﻳﻊ‪ ،‬ﻭﺟﻤﻴﻊ ﻫﺬﻩ ﺍﻟﻤﻬﺎﻡ ﺗﺪﺧﻞ ﻓﻲ ﻭﻅﻴﻔﺔ ﺍﻟﺒﻨﻚ‬
‫‪ 3-3‬ﻣﺮﺣﻠﺔ ﺍﻹﺻﻼﺡ ﻭﺇﻋﺎﺩﺓ ﺍﻟﺘﻨﻈﻴﻢ‬ ‫ﺍﻻﺳﺘﺸﺎﺭﻳﺔ ﻓﻲ ﺍﻟﺘﻨﻤﻴﺔ‪.‬‬

‫ﺑﻌﺪ ﺇﺻﺪﺍﺭ ﻗﺎﻧﻮﻥ ﺍﻟﻨﻘﺪ ﻭﺍﻟﻘﺮﺽ ‪ 10/90‬ﻭﺍﻟﺬﻱ ﺃﻧﺘﺞ ﺧﺎﺻﻴﺘﻴﻦ ﺍﺛﻨﺘﻴﻦ ﻣﻴﺰﺕ ﺍﻟﻘﻄﺎﻉ ﺍﻟﻤﺼﺮﻓﻲ‬ ‫‪ .3‬ﺍﻟﻨﻈﺎﻡ ﺍﻟﻤﺼﺮﻓﻲ ﺍﻟﺠﺰﺍﺋﺮﻱ‬
‫ﺧﻼﻝ ﻓﺘﺮﺓ ﺍﻟﺘﺴﻌﻴﻨﻴﺎﺕ ﻭﻫﻤﺎ ﺍﺳﺘﻘﻼﻟﻴﺔ ﺍﻟﺒﻨﻚ ﺍﻟﻤﺮﻛﺰﻱ ﻭﺍﻧﻔﺮﺍﺩﻩ ﺑﺎﻟﺴﻴﺎﺳﺔ ﺍﻟﻨﻘﺪﻳﺔ‪ ،‬ﻭﺍﻋﺘﻤﺎﺩ ﺍﻟﺒﻨﻮﻙ‬
‫ﺍﻟﺨﺎﺻﺔ‪ ،‬ﻫﺬﻩ ﺍﻷﺧﻴﺮﺓ ﺍﻟﺘﻲ ﺍﺣﺘﻮﻯ ﻗﺎﻧﻮﻥ ﺍﻟﻨﻘﺪ ﻭﺍﻟﻘﺮﺽ ﻋﺪﺓ ﻧﻘﺎﺋﺺ ﺣﻮﻝ ﺍﻋﺘﻤﺎﺩﻫﺎ ﻭﻁﺮﻳﻘﺔ‬ ‫‪ .1.3‬ﻧﺸﺄﺓ ﺍﻟﻘﻄﺎﻉ ﺍﻟﻤﺼﺮﻓﻲ ﺍﻟﺠﺰﺍﺋﺮﻱ‬
‫ﻧﺸﺎﻁﻬﺎ ﻭﺍﻟﺮﻗﺎﺑﺔ ﻋﻠﻴﻬﺎ‪ ،‬ﻣﻤﺎ ﻫﺪﺩ ﺑﺸﻜﻞ ﻣﺒﺎﺷﺮ ﺍﺳﺘﻘﺮﺍﺭ ﺍﻟﻨﻈﺎﻡ ﺍﻟﻤﺼﺮﻓﻲ ﺍﻟﺠﺰﺍﺋﺮﻱ ﻓﻲ ﻣﻮﺟﺔ‬
‫ﺍﻓﻼﺳﺎﺕ ﻣﺘﺘﺎﻟﻴﺔ ﻟﻠﻘﻄﺎﻉ ﺍﻟﺨﺎﺹ )ﺫﺍ ﺍﻟﺮﺃﺱ ﺍﻟﻤﺎﻝ ﺍﻟﻮﻁﻨﻲ( ﺍﻧﺘﻬﺖ ﺑﺰﻭﺍﻟﻪ ﻭﺗﺒﺪﺩﺕ ﺟﺮﺍء ﺫﻟﻚ ﺃﻣﻮﺍﻝ‬ ‫ﻧﺸﺄ ﺍﻟﻘﻄﺎﻉ ﺍﻟﻤﺼﺮﻓﻲ ﺍﻟﺠﺰﺍﺋﺮﻱ ﻓﻲ ﺑﺪﺍﻳﺘﻪ ﻣﻦ ﺍﻟﺒﻨﻚ ﺍﻟﻤﺮﻛﺰﻱ ﻭﺛﻼﺛﺔ ﺑﻨﻮﻙ ﻋﻤﻮﻣﻴﺔ ﻣﺆﻣﻤﺔ‬
‫ﺍﻟﻤﻮﺩﻋﻴﻦ ﻭﺗﺄﺛﺮﺕ ﻣﺼﺪﺍﻗﻴﺔ ﺍﻟﻨﻈﺎﻡ ﺍﻟﻤﺎﻟﻲ ﻭﺍﻻﻗﺘﺼﺎﺩﻱ ﺑﺸﻜﻞ ﻋﺎﻡ‪ ،‬ﻛﻞ ﻫﺬﻩ ﺍﻟﻌﻮﺍﻣﻞ ﺩﻓﻌﺖ ﺍﻟﺴﻠﻄﺔ‬ ‫ﺧﻼﻝ ﺍﻟﺴﺘﻴﻨﺎﺕ ﻣﻦ ﺍﻟﻘﺮﻥ ﺍﻟﻌﺸﺮﻳﻦ ﻭﻫﻲ ﺍﻟﺒﻨﻚ ﺍﻟﻮﻁﻨﻲ ﺍﻟﺠﺰﺍﺋﺮﻱ ﻭﺍﻟﻘﺮﺽ ﺍﻟﺸﻌﺒﻲ ﺍﻟﺠﺰﺍﺋﺮﻱ‬
‫ﺇﻟﻰ ﺇﺻﺪﺍﺭ ﺣﺰﻣﺔ ﻣﻦ ﺍﻹﺻﻼﺣﺎﺕ ﻟﻤﺮﺍﺟﻌﺔ ﻣﺎ ﺳﺒﻖ ﻣﻦ ﺧﻼﻝ ﺍﻷﻣﺮ ‪ 11/03‬ﺍﻟﻤﺆﺭﺥ ﻓﻲ‬ ‫ﻭﺍﻟﺒﻨﻚ ﺍﻟﺨﺎﺭﺟﻲ ﺍﻟﺠﺰﺍﺋﺮﻱ‪ ،‬ﻭﺗﻢ ﺗﺪﻋﻴﻢ ﺍﻟﻘﻄﺎﻉ ﺍﻟﻤﺼﺮﻓﻲ ﺧﻼﻝ ﺳﻨﻮﺍﺕ ﺍﻟﺜﻤﺎﻧﻴﻨﻴﺎﺕ ﺑﺒﻨﻚ ﺍﻟﻔﻼﺣﺔ‬
‫‪.2003/08/26‬‬ ‫ﻭﺍﻟﺘﻨﻤﻴﺔ ﺍ ﻟﺮﻳﻔﻴﺔ ﻭﺑﻨﻚ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻟﻤﺤﻠﻴﺔ‪ ،‬ﻭﺑﺎﻟﺮﻏﻢ ﻣﻦ ﺣﺪﺍﺛﺔ ﻧﺸﺄﺗﻪ ﺷﻬﺪ ﺍﻟﻘﻄﺎﻉ ﺍﻟﻤﺼﺮﻓﻲ ﺍﻟﺠﺰﺍﺋﺮﻱ‬
‫ﻣﺜﻞ ﺍﻷﻣﺮ ‪ 11/03‬ﺇﺟﺮﺍء ﻋﻼﺟﻲ ﻟﻠﻨﻘﺎﺋﺺ ﺍﻟﻤﺴﺠﻠﺔ ﻓﻲ ﻗﺎﻧﻮﻥ ﺍﻟﻨﻘﺪ ﻭﺍﻟﻘﺮﺽ ﺣﻴﺚ ﻗﺎﻡ ﺑﺘﻌﺪﻳﻞ‬ ‫ﻣﺠﻤﻮﻋﺔ ﻣﻦ ﺍﻹﺻﻼﺣﺎﺕ ﻛﺎﻥ ﺃﻭﻟﻬﺎ ﺍﻹﺻﻼﺡ ﺍﻟﻤﺎﻟﻲ ﺳﻨﺔ ‪ 1971‬ﻣﻦ ﺧﻼﻟﻪ ﺃﺳﻨﺪﺕ ﻣﻬﻤﺔ ﺗﺴﻴﻴﺮ‬
‫ﺗﺮﻛﻴﺒﺔ ﻣﺠﻠﺲ ﺇﺩﺍﺭﺓ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ ﻭﻣﺠﻠﺲ ﺍﻟﻨﻘﺪ ﻭﺍﻟﻘﺮﺽ ﻭﺍﻟﻠﺠﻨﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﺑﻬﺪﻑ ﺗﺤﻘﻴﻖ ﺛﻼﺛﺔ‬ ‫ﻭﻣﺮﺍﻗﺒﺔ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﻟﻌﻤﻮﻣﻴﺔ ﻟﻠﺒﻨﻮﻙ ﻓﻲ ﺇﻁﺎﺭ ﺇﻋﺎﺩﺓ ﺗﻨﻈﻴﻢ ﺍﻟﻬﻴﺎﻛﻞ ﺍﻟﻤﺎﻟﻴﺔ‬
‫ﻣﻬﺎﻡ ﺃﺳﺎﺳﻴﺔ ﻭﻫﻲ‪:‬‬ ‫ﻟﻠﺠﺰﺍﺋﺮ‪ ،‬ﺛﻢ ﻣﻦ ﺧﻼﻝ ﺇﺻﻼﺡ ﺳﻨﺔ ‪ 1986‬ﺗﻤﺖ ﺇﻋﺎﺩﺓ ﻫﻴﻜﻠﺔ ﺍﻟﻘﻄﺎﻉ ﺍﻟﻤﺼﺮﻓﻲ ﻭﺍﻟﺘﺤﻀﻴﺮ ﻷﻁﺮ‬
‫ﺗﺪﻋﻴﻢ ﺻﻼﺣﻴﺎﺕ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ‪.‬‬ ‫‪-‬‬ ‫ﺗﻨﻈﻴﻤﻴﺔ ﻭﺗﺸﺮﻳﻌﻴﺔ ﺟﺪﻳﺪﺓ‪ ،‬ﻓﻜﺎﻥ ﺍﻟﻬﺪﻑ ﻭﺿﻊ ﺇﻁﺎﺭ ﻗﺎﻧﻮﻧﻲ ﻣﻮﺣﺪ ﻟﻨﺸﺎﻁ ﻛﻞ "ﻣﺆﺳﺴﺎﺕ ﺍﻟﻘﺮﺽ"‬
‫ﺗﺪﻋﻴﻢ ﺩﻭﺭ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ ﻓﻲ ﻣﺠﺎﻝ ﺍﻟﺤﻮﻛﻤﺔ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫‪-‬‬ ‫ﺑﺎﺧﺘﻼﻑ ﻫﻴﻜﻠﻬﺎ ﺍﻟﻘﺎﻧﻮﻧﻲ‪ ،‬ﺛﻢ ﻋﺪﻝ ﻫﺬﺍ ﺍﻹﺻﻼﺡ ﺳﻨﺔ ‪ 1988‬ﺑﺘﻄﺒﻴﻖ ﺑﺮﻧﺎﻣﺞ ﺇﺻﻼﺣﻲ ﺟﺪﻳﺪ ﺭﺳﻢ‬
‫ﺿﻤﺎﻥ ﺃﻥ ﺗﺤﻤﻲ ﺍﻟﺒﻨﻮﻙ ﺃﻣﻮﺍﻝ ﺍﻟﻤﻮﺩﻋﻴﻦ‪.‬‬ ‫‪-‬‬ ‫ﻋﻼﻗﺎﺕ ﺟﺪﻳﺪﺓ ﺑﻴﻦ ﺍﻟﻤﺆﺳﺴﺎﺕ ﺍﻟﻌﻤﻮﻣﻴﺔ ﻭﺍﻟﺒﻨﻮﻙ ﻣﻦ ﺟﻬﺔ‪ ،‬ﻭﺑﻴﻦ ﺍﻟﺒﻨﻚ ﺍﻟﻤﺮﻛﺰﻱ ﻭﺍﻟﺒﻨﻮﻙ ﻣﻦ ﺟﻬﺔ‬
‫ﺍﻧﻔﺘﺢ ﺍﻟﻘﻄﺎﻉ ﺍﻟﻤﺼﺮﻓﻲ ﺍﻟﺠﺰﺍﺋﺮﻱ ﺑﺪﺍﻳﺔ ﻣﻦ ﻫﺬﻩ ﺍﻟﻤﺮﺣﻠﺔ ﻋﻠﻰ ﺍﻟﻤﻤﺎﺭﺳﺎﺕ ﺍﻟﻤﺼﺮﻓﻴﺔ ﺍﻟﻌﺎﻟﻤﻴﺔ‪،‬‬ ‫ﺃﺧﺮﻯ‪.‬‬
‫ﻣﻊ ﺑﻘﺎء ﻋﻤﻠﻴﺔ ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﺍﻟﻤﻮﻛﻠﺔ ﻟﻠﺒﻨﻮﻙ ﺃﺳﺎﺱ ﺗﻤﻮﻳﻞ ﺍﻟﺘﻨﻤﻴﺔ ﻓﻲ ﺍﻟﺒﻼﺩ ﻣﻊ ﺍﺳﺘﻤﺮﺍﺭ‬ ‫ﺧﻀﻌﺖ ﺍﻟﺒﻨﻮﻙ ﻓﻲ ﻫﺬﻩ ﺍﻟﻔﺘﺮﺓ ﺇﻟﻰ ﺍﻟﺘﻤﻮﻳﻞ "ﺍﻹﺟﺒﺎﺭﻱ" ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﻟﻌﻤﻮﻣﻴﺔ ﺑﻐﺾ ﺍﻟﻨﻈﺮ ﻋﻦ‬
‫ﻏﻴﺎﺏ ﺷﺒﻪ ﻛﻠﻲ ﻟﺪﻭﺭ ﺍﻟﺴﻮﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺗﻌﺒﺌﺔ ﺍﻟﻤﻮﺍﺭﺩ ﻭﺗﻤﻮﻳﻞ ﺍﻻﺳﺘﺜﻤﺎﺭ‪ ،‬ﻭﻓﻲ ﻅﻞ ﻫﺬﻩ ﺍﻟﻮﺿﻌﻴﺔ‬ ‫ﺷﺮﻭﻁ ﻫﺬﺍ ﺍﻟﺘﻤﻮﻳﻞ ﻭﺍﻟﻀﻤﺎﻧﺎﺕ ﺍﻟﻤﻘﺪﻣﺔ ﻭﻣﺨﺎﻁﺮ ﻋﺪﻡ ﺍﻟﺘﺴﺪﻳﺪ‪ ،‬ﻭﻋﻠﻴﻪ ﻟﻢ ﺗﺨﻀﻊ ﻋﻤﻠﻴﺔ ﺍﻟﻮﺳﺎﻁﺔ‬
‫ﺗﺰﺍﻳﺪﺕ ﺍﻟﻀﻐﻮﻁ ﻋﻠﻰ ﺍﻟﺒﻨﻮﻙ ﻓﻲ ﺍﻟﻘﻄﺎﻉ ﺍﻟﻤﺼﺮﻓﻲ ﺍﻟﺠﺰﺍﺋﺮﻱ ﻷﺩﺍء ﻭﺳﺎﻁﺔ ﻣﺼﺮﻓﻴﺔ ﻓﻌﺎﻟﺔ‬ ‫ﺍﻟﻤﺼﺮﻓﻴﺔ ﺇﻟﻰ ﻣﻌﺎﻳﻴﺮ ﺍﻟﻜﻔﺎءﺓ ﻭﺍﻟﻨﺠﺎﻋﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪ ،‬ﻭﺍﻥ ﻟﻌﺒﺖ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺠﺰﺍﺋﺮﻳﺔ )ﺍﻟﻌﻤﻮﻣﻴﺔ( ﺩﻭﺭﺍ‬
‫ﻭﻧﺎﺟﻌﺔ )ﻣﻄﻠﺐ ﺫﺍﺗﻲ( ﻭﺍﻟﻘﻴﺎﻡ ﺑﺘﻤﻮﻳﻞ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ )ﻣﻄﻠﺐ ﺩﺍﺧﻠﻲ‪/‬ﺣﻜﻮﻣﻲ( ﻭﺍﺣﺘﺮﺍﻡ ﻗﻮﺍﻋﺪ‬ ‫ﻣﺤﻮﺭﻳﺎ – ﺭﻏﻢ ﺫﻟﻚ – ﻓﻲ ﺗﻤﻮﻳﻞ ﻣﺨﺘﻠﻒ ﻣﺸﺎﺭﻳﻊ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬
‫ﻭﻣﻌﺎﻳﻴﺮ ﺍﻟﻌﻤﻞ ﺍﻟﻤﺼﺮﻓﻲ ﺍﻟﺪﻭﻟﻲ )ﻣﻄﻠﺐ ﺧﺎﺭﺟﻲ(‪.‬‬
‫‪ .2.3‬ﻣﺮﺣﻠﺔ ﺍﻟﺘﺤﺮﻳﺮ‬
‫‪ .4‬ﻣﺆﺷﺮﺍﺕ ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﻓﻲ ﺍﻟﺠﺰﺍﺋﺮ‬
‫ﻣﻊ ﺍﻟﺘﻮﺟﻪ ﺍﻟﺠﺪﻳﺪ ﻟﻼﻗﺘﺼﺎﺩ ﺍﻟﺠﺰﺍﺋﺮﻱ ﺑﺘﺒﻨﻴﻪ ﺍﻗﺘﺼﺎﺩ ﺍﻟﺴﻮﻕ ﻭﺍﻟﺘﺨﻠﻲ ﺑﺎﻟﻤﻘﺎﺑﻞ ﻋﻦ ﻧﻤﻂ ﺍﻻﻗﺘﺼﺎﺩ‬
‫‪ .1.4‬ﺍﻟﻨﻘﺪﻳﺔ‬ ‫ﺍﻟﻤﺴﻴﺮ‪ ،‬ﺻﺪﺭ ﻗﺎﻧﻮﻥ ‪ 10-90‬ﺍﻟﻤﺘﻌﻠﻖ ﺑﺎﻟﻨﻘﺪ ﻭﺍﻟﻘﺮﺽ ﻭﺍﻟﺬﻱ ﺃﻋﺎﺩ ﻫﻴﻜﻠﺔ ﺍﻟﻘﻄﺎﻉ ﺍﻟﻤﺼﺮﻓﻲ ﺑﺼﻔﺔ‬
‫ﻛﻠﻴﺔ ﺑﺸﻜﻞ ﻳﺘﻤﺎﺷﻰ ﻭﻁﺒﻴﻌﺔ ﺍﻟﻤﺮﺣﻠﺔ ﺍﻟﺠﺪﻳﺪﺓ ﺍﻟﺘﻲ ﻛﺎﻧﺖ ﺗﻤﺮ ﺑﻬﺎ ﺍﻟﺠﺰﺍﺋﺮ ﺁﻧﺬﺍﻙ‪ ،‬ﻭﻳﻌﺘﺒﺮ ﻫﺬﺍ‬
‫ﺇﻥ ﺗﺤﻠﻴﻞ ﻣﺴﺎﺭ ﺍﻟﻨﻘﺪﻳﺔ ﺧﻼﻝ ﺍﻟﻌﺸﺮﻳﺔ ﺍﻷﻭﻟﻰ ﻣﻦ ﺍﻟﻘﺮﻥ ‪ 21‬ﺑﺎﺳﺘﺜﻨﺎء ﺳﻨﺔ ‪ >8@2009‬ﺗﻈﻬﺮ ﺍﻟﺘﺄﺛﻴﺮ‬ ‫ﺍﻹﺻﻼﺡ ﺍﻟﻤﺮﺣﻠﺔ ﺍﻟﻔﺎﺻﻠﺔ ﺑﺎﻟﺘﺨﻠﻲ ﻋﻦ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻤﺴﻴﺮ ﻭﺑﺪﺃ ﺍﻟﻌﻤﻞ ﺑﺂﻟﻴﺎﺕ ﻭﻣﺒﺎﺩﺉ ﺍﻗﺘﺼﺎﺩ‬
‫ﺍﻟﻜﺒﻴﺮ ﻟﻠﻤﻮﺟﻮﺩﺍﺕ ﺍﻟﺨﺎﺭﺟﻴﺔ ﻛﻤﺤﺪﺩ ﺭﺋﻴﺴﻲ ﻟﻠﺘﻮﺳﻊ ﺍﻟﻨﻘﺪﻱ ﻓﻲ ﺍﻟﺠﺰﺍﺋﺮ‪ ،‬ﻭﻳﻈﻬﺮ ﺍﻟﺸﻜﻞ ﺃﺩﻧﺎﻩ ﺃﻥ‬ ‫ﺍﻟﺴﻮﻕ‪ ،‬ﻭﺑﻘﻲ ﻗﺎﻧﻮﻥ ‪ 10-90‬ﺳﺎﺭﻱ ﺍﻟﻤﻔﻌﻮﻝ ﺇﻟﻰ ﻏﺎﻳﺔ ﺍﺳﺘﺒﺪﺍﻟﻪ ﺑﺎﻷﻣﺮ ﺭﻗﻢ ‪.11-03‬‬
‫ﺣﺠﻢ ﺍﻟﻤﻮﺟﻮﺩﺍﺕ ﺍﻟﺨﺎﺭﺟﻴﺔ ﺍﻟﺼﺎﻓﻴﺔ ﺗﺠﺎﻭﺯ ﺑﺪﺍﻳﺔ ﻣﻦ ﺳﻨﺔ ‪ 2005‬ﺣﺠﻢ ﺍﻟﺴﻴﻮﻟﺔ ﺍﻟﻨﻘﺪﻳﺔ ﻭﺍﻟﺸﺒﻪ‬ ‫ﻳﺄﺗﻲ ﺇﺻﺪﺍﺭ ﻗﺎﻧﻮﻥ ﺍﻟﻨﻘﺪ ﻭﺍﻟﻘﺮﺽ ‪ 10-90‬ﺗﺰﺍﻣﻨﺎ ﻣﻊ ﺗﺪﺷﻴﻦ ﻣﺮﺣﻠﺔ ﺟﺪﻳﺪﺓ ﻣﻦ ﻣﺮﺍﺣﻞ ﺗﻄﻮﺭ‬
‫ﺍﻟﻨﻘﺪﻳﺔ ﻓﻲ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻮﻁﻨﻲ‪ ،‬ﻭﺗﺒﻘﻰ ﺳﻨﺔ ‪ 2009‬ﺍﺳﺘﺜﻨﺎﺋﻴﺔ ﻧﺘﻴﺠﺔ ﺗﺄﺛﻴﺮ ﺍﻷﺯﻣﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻟﻌﺎﻟﻤﻴﺔ‬ ‫ﺍﻟﻨﻈﺎﻡ ﺍﻟﻤﺼﺮﻓﻲ ﺍﻟﺠﺰﺍﺋﺮﻱ ﺗﺨﻠﺖ ﻓﻴﻬﺎ ﺍﻟﺴﻠﻄﺔ ﺑﺸﻜﻞ ﺃﻛﺜﺮ ﺟﺮﺃﺓ ﻋﻦ ﺃﺳﻠﻮﺏ ﺍﻟﺘﺴﻴﻴﺮ ﺍﻹﺩﺍﺭﻱ‬
‫ﻣﻤﺎ ﺃﺩﻯ ﺇﻟﻰ ﺍﻧﻜﻤﺎﺵ ﻓﻲ ﺗﻮﺳﻊ ﺍﻟﻜﺘﻠﺔ ﺍﻟﻨﻘﺪﻳﺔ ‪ M2‬ﺧﻼﻝ ﺍﻟﺴﺪﺍﺳﻲ ﺍﻷﻭﻝ‪ ،‬ﻭﺑﺬﻟﻚ ﻧﺠﺪ ﺃﻥ ﺣﺠﻢ‬ ‫ﻟﻠﻘﺮﺽ‪ ،‬ﻭﺗﻢ ﻫﺬﺍ ﺍﻟﺘﺨﻠﻲ ﻋﻦ ﻁﺮﻳﻖ ﺍﻹﻗﺮﺍﺭ ﺑﻤﺒﺪﺃ ﺍﻟﻔﺼﻞ ﺑﻴﻦ ﺍﻟﺠﻬﺎﺯ ﺍﻟﺘﻨﻔﻴﺬﻱ ﻭﻫﻴﺌﺎﺕ ﺍﻟﻘﺮﺽ‬
‫ﺍﻟﻤﻮﺟﻮﺩﺍﺕ ﺍﻟﺨﺎﺭﺟﻴﺔ ﻟﻢ ﻳﺴﺎﻫﻢ ﻓﻲ ﺧﻠﻖ ﺍﻟﻨﻘﻮﺩ ﺳﻨﺔ ‪.2009‬‬ ‫ﻭﺍﻟﻨﻘﺪ ﻋﺒﺮ ﻣﻨﺢ ﺍﻻﺳﺘﻘﻼﻟﻴﺔ ﻟﻬﺎ‪ ،‬ﻭﺍﺳﺘﻬﺪﻓﺖ ﺍﻻﺳﺘﻘﻼﻟﻴﺔ ﺍﻟﻤﻨﺸﻮﺩﺓ ﺗﺤﻘﻴﻖ ﻏﺎﻳﺘﻴﻦ ﺃﺳﺎﺳﻴﺘﻴﻦ ﻫﻤﺎ‪:‬‬
‫ﺍﻟﻮﺣﺪﺓ‪ :‬ﻣﻠﻴﺎﺭ ﺩﺝ‬ ‫ﺇﻋﺎﺩﺓ ﺗﺄﻫﻴﻞ ﺩﻭﺭ ﺍﻟﺒﻨﻚ ﺍﻟﻤﺮﻛﺰﻱ ﻓﻲ ﺍﻟﺘﺴﻴﻴﺮ ﺍﻟﻤﺎﻟﻲ ﻭﺍﻟﻨﻘﺪﻱ‪ ،‬ﻭﺇﻟﻐﺎء ﻋﻬﺪ ﻧﻈﺎﻡ ﺍﻷﻭﺍﻣﺮ ﺍﻹﺩﺍﺭﻳﺔ‪.‬‬
‫ﻛﻤﺎ ﺳﻤﺢ ﻧﻔﺲ ﺍﻟﻘﺎﻧﻮﻥ ﺑﺈﻧﺸﺎء ﺍﻟﻠﺠﻨﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﺍﻟﺘﻲ ﻛﻠﻔﺖ ﺑﺮﻗﺎﺑﺔ ﻋﻠﻰ ﺍﻟﻘﻴﻮﺩ ﻭﺭﻗﺎﺑﺔ ﻋﻠﻰ‬
‫ﺍﻟﻤﺴﺘﻨﺪﺍﺕ ﺗﺨﻀﻊ ﻟﻬﺎ ﺍﻟﺒﻨﻮﻙ‪ ،‬ﻭﻳﺒﻘﻰ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ ﺍﻟﺠﻬﺔ ﺍﻟﻤﺆﻫﻠﺔ ﻟﺘﺤﺪﻳﺪ ﺍﻟﺸﺮﻭﻁ ﺍﻟﻌﺎﻣﺔ ﻟﻠﻨﺸﺎﻁ‬
‫ﺍﻟﻤﺼﺮﻓﻲ ﻓﺎﻧﻪ ﻳﻜﺘﻔﻲ ﺑﻤﻨﺎﺳﺒﺔ ﻫﺬﺍ ﺍﻟﻨﺸﺎﻁ ﺑﻮﺿﻊ ﺍﻟﻤﻌﺎﻳﻴﺮ ﺍﻟﺘﻲ ﻳﺠﺐ ﻋﻠﻰ ﻛﻞ ﺑﻨﻚ ﺗﺠﺎﺭﻱ ﺍﺣﺘﺮﺍﻣﻬﺎ‬
‫ﻭﻻﺳﻴﻤﺎ ﻓﻴﻤﺎ ﻳﺘﻌﻠﻖ ﺑﻨﻈﺎﻡ ﺍﻟﻘﺮﺽ‪ ،‬ﻭﺣﻤﺎﻳﺔ ﺃﻣﻮﺍﻝ ﺍﻟﻤﻮﺩﻋﻴﻦ ﻣﻦ ﺍﻟﻤﺨﺎﻁﺮ ﺍﻟﻤﺼﺮﻓﻴﺔ‪ ،‬ﻭﺗﻜﻮﻳﻦ‬
‫ﺍﺣﺘﻴﺎﻁﻲ ﻧﻈﺎﻣﻲ‪.‬‬
‫ﺃﺣﺪﺙ ﻗﺎﻧﻮﻥ ﺍﻟﻨﻘﺪ ﻭﺍﻟﻘﺮﺽ ﻧﻘﻠﺔ ﻧﻮﻋﻴﺔ ﻟﻠﻨﻈﺎﻡ ﺍﻟﻤﺼﺮﻓﻲ ﺍﻟﺠﺰﺍﺋﺮﻱ ﺍﻟﺬﻱ ﻛﺎﻥ ﻳﺘﻤﻴﺰ ﺑﺎﺣﺘﻜﺎﺭ‬
‫ﺍﻟﺪﻭﻟﺔ ﻟﻪ ﺣﻴﺚ ﻗﺎﻡ ﺑﻔﺘﺢ ﺍﻟﺴﻮﻕ ﺍﻟﻤﺼﺮﻓﻴﺔ ﺃﻣﺎﻡ ﺍﻟﻤﺴﺘﺜﻤﺮﻳﻦ ﺍﻟﻤﻘﻴﻤﻴﻦ ﻭﻏﻴﺮ ﺍﻟﻤﻘﻴﻤﻴﻦ ﺃﻳﺎ ﻛﺎﻧﺖ‬
‫ﺟﻨﺴﻴﺘﻬﻢ ﻓﺘﺴﺎﺭﻋﺖ ﻧﺘﻴﺠﺔ ﻟﺬﻟﻚ ﻭﺗﻴﺮﺓ ﺇﻧﺸﺎء ﺍﻟﺒﻨﻮﻙ ﺍﻟﺨﺎﺻﺔ ﺇﺫ ﺑﻠﻎ ﻋﺪﺩﻫﺎ ﺳﻨﺔ ‪ 1999‬ﻋﺸﺮﺓ ﺑﻨﻮﻙ‬
‫ﺧﺎﺻﺔ‪ ،‬ﺑﺪﻭﻥ ﺣﺴﺎﺏ ﺍﻟﻔﺮﻭﻉ ﻭﻣﻜﺎﺗﺐ ﺍﻟﺘﻤﺜﻴﻞ‪ ،‬ﻭﻓﻲ ﻧﻔﺲ ﺍﻟﺴﻴﺎﻕ ﻁﺮﺣﺖ ﻷﻭﻝ ﻣﺮﺓ ﻓﻲ ﺍﻟﺠﺰﺍﺋﺮ‬
‫ﻓﻜﺮﺓ ﺧﻮﺻﺼﺔ ﺍﻟﺒﻨﻮﻙ ﺍﻟﻌﻤﻮﻣﻴﺔ ﻣﻦ ﺧﻼﻝ ﻓﺘﺢ ﺭﺳﺎﻣﻴﻠﻬﺎ ﺃﻣﺎﻡ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﻟﺨﺎﺹ ﺍﻟﻮﻁﻨﻲ ﺃﻭ‬
‫ﺍﻷﺟﻨﺒﻲ ﺩﻭﻥ ﺃﻥ ﺗﻠﻘﻰ ﻫﺬﻩ ﺍﻟﻌﻤﻠﻴﺔ ﺍﻟﻨﺠﺎﺡ ﺇﻟﻰ ﺍﻟﻴﻮﻡ‪.‬‬
‫ﺇﻥ ﺻﺪﻭﺭ ﻗﺎﻧﻮﻥ ﺍﻟﻨﻘﺪ ﻭﺍﻟﻘﺮﺽ ‪ 10-90‬ﻣﺜﻞ ﺑﺪﺍﻳﺔ ﻹﻁﻼﻕ ﺣﺰﻣﺔ ﻣﻦ ﺍﻟﺘﺸﺮﻳﻌﺎﺕ ﺍﻟﻌﺎﻣﺔ ﻟﻠﻨﺸﺎﻁ‬
‫ﺍﻟﻤﺼﺮﻓﻲ ﻋﻦ ﻁﺮﻳﻖ ﻋﺪﺓ ﺃﻧﻈﻤﺔ ﻭﻗﻮﺍﻧﻴﻦ ﺗﺮﺗﺐ ﻭﻓﻖ ﻋﻨﺎﻭﻳﻦ ﺭﺋﻴﺴﻴﺔ ﺣﺴﺐ ﺍﻟﺸﻜﻞ ﺍﻟﺘﺎﻟﻲ‪:‬‬
‫@‪>9‬‬
‫ﺍﻟﺸﻜﻞ‪ - 01 .‬ﺗﻄﻮﺭ ﺣﺠﻢ ﺍﻟﻤﻮﺟﻮﺩﺍﺕ ﺍﻟﺨﺎﺭﺟﻴﺔ ﻭﺍﻟﺪﺍﺧﻠﻴﺔ ﺍﻟﺼﺎﻓﻴﺔ‬ ‫ﻗﻮﺍﻧﻴﻦ ﻭﺃﻧﻈﻤﺔ ﻋﺎﻣﺔ ﻣﺘﻌﻠﻘﺔ ﺑﺎﻟﺒﻨﻮﻙ ﻭﺍﻟﻤﺆﺳﺴﺎﺕ ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬ ‫‪-‬‬
‫ﺃﻧﻈﻤﺔ ﻭﻗﻮﺍﻧﻴﻦ ﺧﺎﺻﺔ ﺑﻘﻮﺍﻋﺪ ﺍﻟﺘﺴﻴﻴﺮ ﻭﺍﻟﻤﻌﺎﻳﻴﺮ ﺍﻟﻤﻄﺒﻘﺔ ﻋﻠﻰ ﺍﻟﺒﻨﻮﻙ ﻭﺍﻟﻤﺆﺳﺴﺎﺕ‬ ‫‪-‬‬
‫ﺍﻟﻤﺎﻟﻴﺔ‪.‬‬
 ‫‪ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 46–53‬‬ ‫‪49‬‬

‫ﺇﻥ ﺍﻟﺘﺒﺎﻁﺆ ﺍﻟﻤﺴﺠﻞ ﻓﻲ ﺗﻮﺳﻊ ﺍﻟﻜﺘﻠﺔ ﺍﻟﻨﻘﺪﻳﺔ ‪ M2‬ﺧﻼﻝ ﺳﻨﺔ ‪ 2009‬ﻣﻘﺎﺭﻧﺔ ﻣﻊ ﻭﺗﻴﺮﺓ ﺍﻟﺘﻮﺳﻊ‬
‫ﺧﻼﻝ ﺍﻟﺴﻨﻮﺍﺕ ﺍﻟﺴﺎﺑﻘﺔ ﻛﺎﻥ ﻟﻪ ﺗﺄﺛﻴﺮ ﺳﻠﺒﻲ ﻋﻠﻰ ﺣﺠﻢ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺬﻱ ﻳﺤﺘﺎﺟﻪ ﺑﺮﻧﺎﻣﺞ ﺍﻻﺳﺘﺜﻤﺎﺭﺍﺕ‬
‫ﺍﻟﻤﻬﻢ ﺍﻟﻤﺘﺒﻊ ﻣﻦ ﻁﺮﻑ ﺍﻟﺪﻭﻟﺔ ﺍﻟﻌﺎﺋﺪ ﻓﻲ ﻏﺎﻟﺒﻪ ﻟﻤﺆﺳﺴﺎﺕ ﻗﻄﺎﻉ ﺍﻟﻤﺤﺮﻭﻗﺎﺕ‪ ،‬ﺣﻴﺚ ﻗﺎﻣﺖ ﻫﺬﻩ‬
‫ﺍﻷﺧﻴﺮﺓ – ﻓﻲ ﻣﻘﺎﺑﻞ ﺫﻟﻚ – ﺑﺮﻓﻊ ﺣﺠﻢ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺬﺍﺗﻲ ﺍﻷﻣﺮ ﺍﻟﺬﻱ ﺃﺩﻯ ﺇﻟﻰ ﺍﻧﺨﻔﺎﺽ ﺣﺠﻢ ﺍﻟﻮﺩﺍﺋﻊ‬
‫ﺍﻟﻤﺠﻤﻌﺔ ﻓﻲ ﺍﻟﻘﻄﺎﻉ ﺍﻟﻤﺼﺮﻓﻲ‪.‬‬
‫@‪>12‬‬
‫ﺍﻟﺸﻜﻞ‪ - 03 .‬ﻧﺴﺒﺔ ﺍﻟﻤﻮﺍﺭﺩ ﺍﻟﻤﺠﻤﻌﺔ ﻭﻷﺟﻞ ﻟﻠﻨﺎﺗﺞ ﺍﻟﻤﺤﻠﻲ ﺍﻟﺨﺎﻡ‬ ‫ﻭﻓﻲ ﺇﻁﺎﺭ ﺗﻌﺒﺌﺔ ﻓﻌﺎﻟﺔ ﻟﻠﻤﻮﺍﺭﺩ ﺗﺮﺗﻜﺰ ﻋﻠﻰ ﻭﺳﺎﻁﺔ ﻣﺼﺮﻓﻴﺔ ﻗﻮﻳﺔ ﺍﺭﺗﻜﺰ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ ﻋﻠﻰ‬
‫ﻣﻌﺎﺩﻟﺔ ﺍﻟﻤﻮﺟﻮﺩﺍﺕ ﺍﻟﺨﺎﺭﺟﻴﺔ‪ -‬ﺍﻟﻤﻮﺟﻮﺩﺍﺕ ﺍﻟﺪﺍﺧﻠﻴﺔ )ﺍﻟﻘﺮﻭﺽ ﺍﻟﺪﺍﺧﻠﻴﺔ( ﻓﻲ ﺗﺤﻘﻴﻖ ﻫﺪﻑ ﺍﻻﺳﺘﻘﺮﺍﺭ‬
‫ﺍﻟﻨﻘﺪﻱ ﻭﺍﻟﻤﺎﻟﻲ‪ ،‬ﻭﺗﺠﻠﻰ ﺫﻟﻚ ﻣﻦ ﺧﻼﻝ ﺍﻻﺳﺘﻤﺮﺍﺭ ﻓﻲ ﺑﺮﺍﻣﺞ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﻟﻌﻤﻮﻣﻲ ﺍﻟﻀﺮﻭﺭﻱ‬
‫ﺇﻥ ﻗﻄﺎﻉ ﺍﻟﻤﺤﺮﻭﻗﺎﺕ ﻻ ﻳﺰﺍﻝ ﻳﺴﻴﻄﺮ ﺑﺸﻜﻞ ﻛﺒﻴﺮ ﻋﻠﻰ ﻣﺆﺷﺮﺍﺕ ﺍﻟﻘﻄﺎﻉ ﺍﻟﻤﺼﺮﻓﻲ ﺍﻟﺠﺰﺍﺋﺮﻱ‬ ‫ﻹﺭﺳﺎء ﻗﻮﺍﻋﺪ ﺍﻟﻨﻤﻮ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭﺍﻻﺟﺘﻤﺎﻋﻲ ﻁﻮﻳﻞ ﺍﻷﺟﻞ‪ ،‬ﻭﻟﻬﺬﺍ ﺣﻈﻴﺖ ﺍﺣﺘﻴﺎﻁﺎﺕ ﺍﻟﺼﺮﻑ‬
‫ﺣﻴﺚ ﻛﺎﻥ ﻻﺭﺗﻔﺎﻋﻪ ﺍﻟﻤﺘﻮﺍﺻﻞ ﺧﻼﻝ ﺍﻟﻌﺸﺮﻳﺔ ﺍﻷﻭﻟﻰ ﻣﻦ ﺍﻟﻘﺮﻥ ‪) 21‬ﻣﺎﻋﺪﺍ ﺳﻨﺔ ‪ (2009‬ﺍﻷﺛﺮ‬ ‫ﺑﻤﻜﺎﻧﺔ ﺧﺎﺻﺔ ﻓﻲ ﺳﻴﺎﺳﺔ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ ﻭﻛﺎﻥ ﻟﻬﺎ ﺍﻷﻭﻟﻮﻳﺔ ﻓﻲ ﺗﺴﻴﻴﺮ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻜﻠﻲ@‪.>10‬‬
‫ﺍﻻﻳﺠﺎﺑﻲ ﻋﻠﻰ ﺗﻄﻮﺭ ﺣﺠﻢ ﺍﻟﻮﺩﺍﺋﻊ ﺍﻟﻤﺠﻤﻌﺔ ﻭﺣﺠﻢ ﺍﻟﻨﺎﺗﺞ ﺍﻟﻤﺤﻠﻲ ﺍﻟﺨﺎﻡ‪ ،‬ﻭﻟﻠﺘﻤﻜﻦ ﻣﻦ ﺍﻟﺤﻜﻢ ﻋﻠﻰ‬ ‫ﺍﻟﻮﺣﺪﺓ‪ :‬ﻣﻠﻴﺎﺭ ﺩﺝ‬
‫ﻣﺪﻯ ﺍﻳﺠﺎﺑﻴﺔ ﺍﺭﺗﻔﺎﻉ ﺣﺠﻢ ﺍﻟﻮﺩﺍﺋﻊ ﺍﻟﻤﺼﺮﻓﻴﺔ‪ ،‬ﻧﺮﺑﻂ ﺍﻟﻌﻼﻗﺔ ﺑﻴﻨﻪ ﻭﺑﻴﻦ ﺍﻟﻨﺎﺗﺞ ﺍﻟﻤﺤﻠﻲ ﺍﻟﺨﺎﻡ ﻭﺍﻟﺬﻱ‬
‫‪12000‬‬ ‫‪11042.8‬‬ ‫‪8.00%‬‬
‫ﻳﻌﺮﻑ ﺑﺎﻟﻤﻴﻞ ﺍﻟﻤﺘﻮﺳﻂ ﻟﻠﻮﺩﺍﺋﻊ ﺍﻟﻤﺼﺮﻓﻴﺔ‪ ،‬ﻓﻬﺬﺍ ﺍﻟﻤﺆﺷﺮ ﻳﻌﻜﺲ ﻗﺪﺭﺓ ﻭﻓﺎﻋﻠﻴﺔ ﺍﻟﺒﻨﻮﻙ ﻋﻠﻰ ﺟﺬﺏ‬ ‫‪6.90%‬‬
‫‪10135.6‬‬
‫ﺍﻟﻮﺩﺍﺋﻊ ﻭﻓﻘﺎ ﻟﺤﺼﺘﻬﺎ ﻣﻦ ﺍﻟﻨﺎﺗﺞ ﺍﻟﻤﺤﻠﻲ ﺍﻟﺨﺎﻡ‪.‬‬ ‫‪10000‬‬ ‫‪9408.3‬‬
‫‪7.00%‬‬

‫ﻳﺸﻴﺮ ‪ Tybout‬ﺇﻟﻰ ﺃﻥ ﻗﻮﺓ ﺍﻷﺳﻮﺍﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺃﻱ ﺍﻗﺘﺼﺎﺩ ﺗﻘﺎﺱ ﺑﻨﺴﺒﺔ ﺍﻟﻮﺩﺍﺋﻊ ﻷﺟﻞ ﻭﻟﻠﺘﻮﻓﻴﺮ‬ ‫‪5.20%‬‬ ‫‪8512.2‬‬ ‫‪6.00%‬‬
‫)ﺍﻻﺩﺧﺎﺭﻳﺔ( ﺇﻟﻰ ﺍﻟﻨﺎﺗﺞ ﺍﻟﻤﺤﻠﻲ ﺍﻹﺟﻤﺎﻟﻲ@‪ ،>13‬ﻭﻋﻠﻴﻪ ﻳﺘﻀﺢ ﻟﻨﺎ ﻣﻦ ﺍﻟﺸﻜﻞ ﺃﻋﻼﻩ ﺃﻥ ﺍﻟﻤﻴﻞ ﺍﻟﻤﺘﻮﺳﻂ‬ ‫‪8000‬‬ ‫‪4.70%‬‬ ‫‪7564.6‬‬
‫‪5.10%‬‬ ‫‪5.00%‬‬
‫ﻟﻠﻮﺩﺍﺋﻊ ﺍﻟﻤﺼﺮﻓﻴﺔ ﻗﺪ ﺳﺠﻞ ﺗﺬﺑﺬﺑﺎ ﻭﺍﺿﺤﺎ ﻣﺒﻴﻨﺎ ﻓﻲ ﺫﻟﻚ ﺿﻌﻒ ﻗﺪﺭﺓ ﺍﻟﺒﻨﻮﻙ ﻓﻲ ﺍﻻﺳﺘﻔﺎﺩﺓ ﻣﻦ‬ ‫‪6112‬‬
‫ﺍﻻﺭﺗﻔﺎﻉ ﻓﻲ ﺍﻟﻨﺎﺗﺞ ﺍﻟﻤﺤﻠﻲ ﺍﻟﺨﺎﻡ‪ ،‬ﻓﺎﻟﺒﻨﻮﻙ ﺍﻟﻌﻤﻮﻣﻴﺔ ﺫﺍﺕ ﺍﻟﺤﺼﺔ ﺍﻷﻛﺒﺮ ﻣﻦ ﺍﻟﻮﺩﺍﺋﻊ ﺍﻟﻤﺠﻤﻌﺔ ﺗﺒﻘﻰ‬ ‫‪6000‬‬ ‫‪5264.2‬‬ ‫‪4.00%‬‬
‫‪4537.7‬‬
‫ﺭﻫﻴﻨﺔ ﻣﻮﺍﺭﺩ ﻗﻄﺎﻉ ﺍﻟﻤﺤﺮﻭﻗﺎﺕ ﻭﺍﻟﻤﺆﺳﺴﺎﺕ ﺍﻟﺘﺎﺑﻌﺔ ﻟﻪ ﺍﻟﻤﺮﺗﺒﻄﺔ ﺑﺸﻜﻞ ﻣﺒﺎﺷﺮ ﻭﻭﺛﻴﻖ ﻣﻊ ﺳﻴﺎﺳﺎﺕ‬ ‫‪4123.5 4260.8‬‬
‫‪3.00%‬‬
‫‪2.40%‬‬
‫‪2.40%‬‬ ‫‪3.00%‬‬
‫ﻭﺗﻮﺟﻬﺎﺕ ﺍﻟﺤﻜﻮﻣﺔ‪.‬‬ ‫‪4000‬‬
‫‪2.00%‬‬
‫‪2.00%‬‬
‫ﻭﻣﺎ ﻳﺆﻛﺪ ﺿﻌﻒ ﺍﻟﻤﻴﻞ ﺍﻟﻤﺘﻮﺳﻂ ﻟﻠﻮﺩﺍﺋﻊ ﺍﻟﻤﺼﺮﻓﻴﺔ ﺃﻧﻪ ﺑﺎﻟﺮﻏﻢ ﻣﻦ ﺍﻧﺨﻔﺎﺽ ﺣﺠﻢ ﺍﻟﻨﺎﺗﺞ ﺍﻟﻤﺤﻠﻲ‬ ‫‪2.40% 2.10%‬‬
‫‪2000‬‬
‫ﺍﻟﺨﺎﻡ ﺳﻨﺔ ‪ 2009‬ﺑﺴﺒﺐ ﺍﻧﺨﻔﺎﺽ ﻣﻮﺍﺭﺩ ﻗﻄﺎﻉ ﺍﻟﻤﺤﺮﻭﻗﺎﺕ ﺇﻻ ﺃﻥ ﺍﻻﻧﺨﻔﺎﺽ ﺍﻟﺬﻱ ﺳﺠﻞ ﻓﻲ ﺣﺠﻢ‬ ‫‪1.00%‬‬
‫ﺍﻟﻤﻮﺍﺭﺩ ﺍﻟﻤﺠﻤﻌﺔ ﻛﺎﻥ ﺃﻗﻞ ﻭﻟﺬﻟﻚ ﺍﺭﺗﻔﻊ ﻣﻌﺪﻝ ﺍﻟﻤﻴﻞ ﺧﻼﻝ ﻫﺬﻩ ﺍﻟﺴﻨﺔ‪ ،‬ﻭﻟﻢ ﻳﻜﻦ ﺍﻟﻤﻴﻞ ﺍﻟﻤﺘﻮﺳﻂ‬
‫‪0‬‬ ‫‪0.00%‬‬
‫ﻟﻠﻮﺩﺍﺋﻊ ﻷﺟﻞ ﻣﺨﺘﻠﻔﺎ ﺣﻴﺚ ﺃﻅﻬﺮﺕ ﺍﻟﻨﺘﺎﺋﺞ ﺍﻟﻤﻮﺿﺤﺔ ﻓﻲ ﺍﻟﺸﻜﻞ ﺭﻗﻢ )‪ (03‬ﻧﻔﺲ ﺍﻟﻤﻨﺤﻰ ﺍﻟﻤﺘﺬﺑﺬﺏ‪.‬‬ ‫‪2000‬‬ ‫‪2001‬‬ ‫‪2002‬‬ ‫‪2003‬‬ ‫‪2004‬‬ ‫‪2005‬‬ ‫‪2006‬‬ ‫‪2007‬‬ ‫‪2008‬‬ ‫‪2009‬‬

‫‪ .3.4‬ﻣﻨﺢ ﺍﻟﻘﺮﻭﺽ‬ ‫ﺍﻟﻧﺎﺗﺞ ﺍﻟﻣﺣﻠﻲ ﺍﻟﺧﺎﻡ‬ ‫ﻣﻌﺩﻝ ﺍﻟﻧﻣﻭ ﺍﻻﻗﺗﺻﺎﺩﻱ‬

‫ﺇﺫﺍ ﻛﺎﻧﺖ ﺍﻟﻤﻮﺟﻮﺩﺍﺕ ﺍﻟﺨﺎﺭﺟﻴﺔ ﺍﻟﺼﺎﻓﻴﺔ ﻟﻢ ﺗﺴﺎﻫﻢ ﻓﻲ ﺧﻠﻖ ﺍﻟﻨﻘﻮﺩ ﺳﻨﺔ ‪ 2009‬ﻧﺘﻴﺠﺔ ﺍﻟﺘﺄﺛﻴﺮﺍﺕ‬
‫ﺍﻟﺨﺎﺭﺟﻴﺔ‪ ،‬ﻓﺎﻥ ﺍﻟﻤﻮﺟﻮﺩﺍﺕ ﺍﻟﺪﺍﺧﻠﻴﺔ )ﺍﻟﻘﺮﻭﺽ ﺍﻟﺪﺍﺧﻠﻴﺔ( ﻣﻤﺜﻠﺔ ﻓﻲ ﺣﺼﺔ ﻛﺒﻴﺮﺓ ﻣﻨﻬﺎ ﺑﺎﻟﻘﺮﻭﺽ‬
‫@‪>11‬‬
‫ﺍﻟﻤﻤﻨﻮﺣﺔ ﻟﻼﻗﺘﺼﺎﺩ ﻣﺜﻞ ﻣﺘﻐﻴﺮ ﻣﻬﻢ ﻓﻲ ﻋﻤﻠﻴﺔ ﺧﻠﻖ ﺍﻟﻨﻘﻮﺩ‪ ،‬ﻛﻤﺎ ﺷﻬﺪ ﺣﺠﻢ ﻫﺬﻩ ﺍﻟﻘﺮﻭﺽ ﺍﺭﺗﻔﺎﻋﺎ‬ ‫ﺍﻟﺸﻜﻞ‪ - 02 .‬ﺗﻄﻮﺭ ﻣﻌﺪﻝ ﺍﻟﻨﻤﻮ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻭﺣﺼﺔ ﺍﻟﻨﺎﺗﺞ ﺍﻟﻤﺤﻠﻲ ﺍﻟﺨﺎﻡ‬
‫ﻣﺘﻮﺍﺻﻼ ﺧﻼ ﺍﻟﻔﺘﺮﺓ )‪ (2009-2000‬ﺑﻞ ﻭﻓﻲ ﻅﻞ ﻏﻴﺎﺏ ﺍﻟﺴﻮﻕ ﺍﻟﻤﺎﻟﻲ ﻳﺒﻘﻰ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﻤﺼﺮﻓﻲ‬
‫ﻣﻦ ﺃﻫﻢ ﻣﺼﺎﺩﺭ ﺗﻤﻮﻳﻞ ﺍﻟﻨﺴﻴﺞ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻓﻲ ﺍﻟﺠﺰﺍﺋﺮ‪.‬‬
‫ﻳﻈﻬﺮ ﺍﻟﺠﺪﻭﻝ ﺃﻋﻼﻩ ﺍﻟﺘﻄﻮﺭ ﺍﻻﻳﺠﺎﺑﻲ ﻟﺤﺼﺔ ﺍﻟﻨﺎﺗﺞ ﺍﻟﻤﺤﻠﻲ ﺍﻟﺨﺎﻡ ﻁﻮﺍﻝ ﺍﻟﻔﺘﺮﺓ ‪2008-2004‬‬
‫ﺑﻤﻌﺪﻝ ﺗﺠﺎﻭﺯ ﻧﺴﺒﺔ ‪ 167,80%‬ﻟﺘﻨﺨﻔﺾ ﺳﻨﺔ ‪ 2009‬ﺑﻤﻌﺪﻝ ‪ 8,21%‬ﺑﺴﺒﺐ ﺍﻧﺨﻔﺎﺽ ﺣﺼﺔ ﻣﻮﺍﺭﺩ‬
‫‪50.00%‬‬ ‫‪44.46%‬‬ ‫ﻗﻄﺎﻉ ﺍﻟﻤﺤﺮﻭﻗﺎﺕ ﻧﺘﻴﺠﺔ ﺗﺄﺛﻴﺮ ﺍﻷﺯﻣﺔ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻌﺎﻟﻤﻴﺔ‪ ،‬ﻛﻤﺎ ﻧﻼﺣﻆ ﻣﻌﺪﻻﺕ ﺍﻟﻨﻤﻮ ﺍﻻﻗﺘﺼﺎﺩﻱ‬
‫‪45.00%‬‬ ‫‪41.39% 40.70% 40.47% 42.26% 41.15%41.46%43.29%‬‬
‫‪40.00%‬‬
‫‪39.63%38.28%‬‬ ‫ﺍﻟﻤﺘﺪﻧﻴﺔ ﺍﻟﻤﺴﺠﻠﺔ ﺑﺪﺍﻳﺔ ﻣﻦ ﺳﻨﺔ ‪ 2006‬ﺣﻴﺚ ﺃﺗﺖ ﺃﻗﻞ ﻣﻦ ‪ %3‬ﻭﻫﻮ ﺍﻟﻤﻌﺪﻝ ﺍﻟﺬﻱ ﻳﺤﺪﺩ ﺑﺪﺍﻳﺔ‬
‫‪35.00%‬‬ ‫‪30.45%‬‬ ‫ﺍﻟﺪﺧﻮﻝ ﻓﻲ ﺩﻭﺭﺓ ﺍﻧﻜﻤﺎﺷﻴﺔ )ﺳﻨﺘﻄﺮﻕ ﻻﺣﻘﺎ ﻟﻠﻌﻼﻗﺔ ﺑﻴﻦ ﺍﻟﻜﺘﻠﺔ ﺍﻟﻨﻘﺪﻳﺔ ‪ M2‬ﻭﺍﻟﻨﺎﺗﺞ ﺍﻟﻤﺤﻠﻲ ﺍﻟﺨﺎﻡ‬
‫‪27.92% 26.22%‬‬
‫‪30.00%‬‬
‫‪24.10% 25.31%‬‬ ‫‪25.11% 23.53%‬‬ ‫‪23.69%‬‬ ‫)ﻣﻌﺪﻝ ﺍﻟﺴﻴﻮﻟﺔ((‪.‬‬
‫‪25.00%‬‬ ‫‪22.38% 23.44%‬‬
‫‪20.00%‬‬
‫‪15.00%‬‬ ‫‪ .2.4‬ﺗﻌﺒﺌﺔ ﺍﻟﻤﻮﺍﺭﺩ‬
‫‪10.00%‬‬
‫‪5.00%‬‬
‫‪0.00%‬‬
‫ﻟﻘﺪ ﺳﺠﻠﺖ ﺍﻷﺯﻣﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻟﻌﺎﻟﻤﻴﺔ ﺗﺄﺛﻴﺮﻫﺎ ﺍﻟﻘﻮﻱ ﻋﻠﻰ ﺍﻟﻮﺿﻌﻴﺔ ﺍﻟﻤﺎﻟﻴﺔ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﻟﺘﺎﺑﻌﺔ‬
‫‪2000‬‬ ‫‪2001‬‬ ‫‪2002‬‬ ‫‪2003‬‬ ‫‪2004‬‬ ‫‪2005‬‬ ‫‪2006‬‬ ‫‪2007‬‬ ‫‪2008‬‬ ‫‪2009‬‬ ‫ﻟﻘﻄﺎﻉ ﺍﻟﻤﺤﺮﻭﻗﺎﺕ ﻓﻲ ﺍﻟﺠﺰﺍﺋﺮ ﻭﻫﻮ ﻣﺎ ﺃﺩﻯ ﺇﻟﻰ ﺍﻧﻜﻤﺎﺵ ﺍﻟﻤﺨﺰﻭﻥ ﺍﻻﺩﺧﺎﺭﻱ ﻟﻬﺎ ﻣﻊ ﻣﺒﺎﺷﺮﺗﻬﺎ‬
‫ﻟﺒﺮﻧﺎﻣﺞ ﺍﺳﺘﺜﻤﺎﺭﻱ ﻣﻬﻢ‪ ،‬ﻭﻓﻲ ﻅﻞ ﻫﻴﻤﻨﺔ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺬﺍﺗﻲ ﻓﻲ ﺍﻟﻬﻴﻜﻠﺔ ﺍﻟﻤﺎﻟﻴﺔ ﻟﻬﺬﺍ ﺍﻟﺒﺮﻧﺎﻣﺞ‬
‫ﺍﻟﻘﺭﻭﺽ ﺍﻟﻣﻣﻧﻭﺣﺔ ﻟﻼﻗﺗﺻﺎﺩ ‪ /‬ﺍﻟﻧﺎﺗﺞ ﺍﻟﻣﺣﻠﻲ ﺍﻟﺧﺎﻡ‬
‫ﺍﻻﺳ ﺘﺜﻤﺎﺭﻱ ﻓﻘﺪ ﺃﺩﻯ ﺫﻟﻚ ﺇﻟﻰ ﺍﻧﻜﻤﺎﺵ ﻗﻮﻱ ﻓﻲ ﺣﺠﻢ ﺍﻟﻮﺩﺍﺋﻊ ﺍﻟﻤﺠﻤﻌﺔ ﻣﻦ ﻗﻄﺎﻉ ﺍﻟﻤﺤﺮﻭﻗﺎﺕ ﺳﻨﺔ‬
‫ﺍﻟﻘﺭﻭﺽ ﺍﻟﻣﻣﻧﻭﺣﺔ ﻟﻼﻗﺗﺻﺎﺩ ‪ /‬ﺍﻟﻧﺎﺗﺞ ﺍﻟﻣﺣﻠﻲ ﺍﻟﺧﺎﻡ ﺧﺎﺭﺝ ﻗﻁﺎﻉ ﺍﻟﻣﺣﺭﻭﻗﺎﺕ‬
‫‪ ، 2009‬ﺑﻴﻨﻤﺎ ﺳﺠﻞ ﺣﺠﻢ ﺍﻟﻮﺩﺍﺋﻊ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﻟﻌﻤﻮﻣﻴﺔ ﺧﺎﺭﺝ ﻗﻄﺎﻉ ﺍﻟﻤﺤﺮﻭﻗﺎﺕ ﺍﺭﺗﻔﺎﻋﺎ ﻣﺘﻮﺍﺿﻌﺎ‬
‫ﻗﺪﺭ ﺑـ ‪ %2.35‬ﻟﻨﻔﺲ ﺍﻟﺴﻨﺔ‪.‬‬
‫@‪>14‬‬
‫ﺍﻟﺸﻜﻞ‪ - 04 .‬ﻧﺴﺒﺔ ﺍﻟﻘﺮﻭﺽ ﺇﻟﻰ ﺍﻟﻨﺎﺗﺞ ﺍﻟﻤﺤﻠﻲ ﺍﻟﺨﺎﻡ‬
‫‪60.00%‬‬
‫‪48.01% 46.74%50.78%‬‬
‫‪46.88% 46.41% 44.26%‬‬
‫ﺑﻠﻐﺖ ﻧﺴﺒﺔ ﺍﻟﻘﺮﻭﺽ ﺍﻟﻤﻤﻨﻮﺣﺔ ﻟﻼﻗﺘﺼﺎﺩ ﻣﻘﺎﺭﻧﺔ ﺑﺤﺠﻢ ﺍﻟﻨﺎﺗﺞ ﺍﻟﻤﺤﻠﻲ ﺍﻟﺨﺎﻡ ﺧﺎﺭﺝ ﻗﻄﺎﻉ‬ ‫‪50.00%‬‬
‫‪42.01%‬‬ ‫‪38.92%41.31%‬‬
‫ﺍﻟﻤﺤﺮﻭﻗﺎﺕ ‪ %44.46‬ﺳﻨﺔ ‪) 2009‬ﻗﻄﺎﻉ ﺍﻟﻤﺤﺮﻭﻗﺎﺕ ﻳﻌﺘﻤﺪ ﻋﻠﻰ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺬﺍﺗﻲ(‪ ،‬ﺑﻴﻨﻤﺎ ﺗﺮﺍﻭﺣﺖ‬
‫‪40.00%‬‬ ‫‪34.97%‬‬
‫ﻧﺴﺒﺔ ﺍﻟﻘﺮﻭﺽ ﺍﻟﻤﻤﻨﻮﺣﺔ ﻟﻼﻗﺘﺼﺎﺩ ﻣﻘﺎﺭﻧﺔ ﺑﺎﻟﻨﺎﺗﺞ ﺍﻟﻤﺤﻠﻲ ﺍﻟﺨﺎﻡ ﻓﻲ ﺣﺪﻭﺩ ﺍﻟﻌﺸﺮﻳﻨﻴﺎﺕ ﻣﻦ ﺍﻟﻤﺎﺋﺔ‬ ‫‪28.99%‬‬
‫‪32.73% 32.75%‬‬

‫ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ )‪ (2008-2000‬ﻭﺳﺠﻠﺖ ﻗﻔﺰﺓ ﻧﻮﻋﻴﺔ ﺳﻨﺔ ‪ 2009‬ﺑﺒﻠﻮﻏﻬﺎ ﻧﺴﺒﺔ ‪.%30.45‬‬ ‫‪30.00%‬‬
‫‪23.63%‬‬
‫‪25.81%‬‬
‫‪22.79%‬‬ ‫‪21.99%‬‬
‫ﺇﻥ ﺍﺭﺗﻔﺎﻉ ﺣﺠﻢ ﺍﻟﻘﺮﻭﺽ ﺍﻟﻤﻤﻨﻮﺡ ﻟﻼﻗﺘﺼﺎﺩ ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ )‪ (2009-2000‬ﺃﺗﻰ ﻛﻨﺘﻴﺠﺔ ﻟﺘﻮﺳﻊ‬ ‫‪19.38% 18.72%‬‬
‫‪18.03%‬‬
‫‪20.00%‬‬
‫ﺍﻟﺒﻨﻮﻙ ﻓﻲ ﻣﻨﺢ ﺍﻟﻘﺮﻭﺽ ﺍﻟﻄﻮﻳﻠﺔ ﺍﻷﺟﻞ ﻗﺼﺪ ﺗﻤﻮﻳﻞ ﻣﺸﺎﺭﻳﻊ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﻟﻜﺒﺮﻯ ﻓﻲ ﻗﻄﺎﻉ ﺍﻟﻄﺎﻗﺔ‬
‫ﻭﺍﻟﻤﻴﺎﻩ‪ ،‬ﻟﻜﻦ ﻓﻲ ﺍﻟﻤﻘﺎﺑﻞ ﻭﺑﺎﻟﺮﻏﻢ ﻣﻦ ﺗﻮﺳﻊ ﺍﻟﺒﻨﻮﻙ ﻓﻲ ﻣﻨﺢ ﺍﻟﻘﺮﻭﺽ ﻟﻠﻘﻄﺎﻉ ﺍﻟﺨﺎﺹ ﺇﻻ ﺃﻥ ﺣﺠﻢ‬ ‫‪10.00%‬‬
‫ﺍﻟﻘﺮﻭﺽ ﺍﻟﻤﻤﻨﻮﺡ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﻟﺼﻐﻴﺮﺓ ﻭﺍﻟﻤﺘﻮﺳﻄﺔ ﻳﺒﻘﻰ ﺃﻗﻞ ﻣﻦ ﺍﻟﻤﺴﺘﻮﻯ ﺍﻟﻤﺴﺘﻬﺪﻑ ﺑﺎﻟﺮﻏﻢ ﻣﻦ‬
‫‪0.00%‬‬
‫‪2000‬‬ ‫‪2001‬‬ ‫‪2002‬‬ ‫‪2003‬‬ ‫‪2004‬‬ ‫‪2005‬‬ ‫‪2006‬‬ ‫‪2007‬‬ ‫‪2008‬‬ ‫‪2009‬‬

‫ﺍﻟﻣﻭﺍﺭﺩ ﺍﻟﻣﺟﻣﻌﺔ ‪ /‬ﺍﻟﻧﺎﺗﺞ ﺍﻟﻣﺣﻠﻲ ﺍﻟﺧﺎﻡ‬ ‫ﺍﻟﻣﻭﺍﺭﺩ ﺍﻟﻣﺟﻣﻌﺔ ﻻﺟﻝ ‪ /‬ﺍﻟﻧﺎﺗﺞ ﺍﻟﻣﺣﻠﻲ ﺍﻟﺧﺎﻡ‬
‫‪50‬‬ ‫‪ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 46–53‬‬

‫ﺍﻟﻘﺮﻥ ‪ 2845) 21‬ﻣﻠﻴﺎﺭ ﺩﺝ ﻧﻬﺎﻳﺔ ‪ 2008‬ﺇﻟﻰ ‪ 2447‬ﻣﻠﻴﺎﺭ ﺩﺝ ﻧﻬﺎﻳﺔ ‪ ،(2009‬ﻭﻫﺬﺍ ﺑﺴﺒﺐ‬ ‫ﻣﺠﻤﻮﻋﺔ ﺍﻹﺟﺮﺍءﺍﺕ ﺍﻟﻤﺘﺨﺬﺓ ﻣﻦ ﻁﺮﻑ ﺍﻟﺴﻠﻄﺎﺕ ﺍﻟﻌﻤﻮﻣﻴﺔ‪ ،‬ﻭﺗﺠﺪﺭ ﺍﻹﺷﺎﺭﺓ ﻓﻲ ﻫﺬﺍ ﺍﻹﻁﺎﺭ ﺇﻟﻰ ﺃﻥ‬
‫ﺍﻧﺨﻔﺎﺽ ﺣﺠﻢ ﺍﻟﻮﺩﺍﺋﻊ ﺍﻟﻤﺼﺮﻓﻴﺔ ﺍﻟﻤﺘﺄﺗﻴﺔ ﻣﻦ ﻗﻄﺎﻉ ﺍﻟﻤﺤﺮﻭﻗﺎﺕ ﻭﺍﺭﺗﻔﺎﻉ ﺣﺠﻢ ﺍﻟﻤﺪﺧﺮﺍﺕ ﺍﻟﻤﺎﻟﻴﺔ‬ ‫ﺣﺠﻢ ﺍﻟﻤﺨﺎﻁﺮ ﺍﻟﻤﺮﺗﺒﻂ ﺑﺎﻟﻤﺆﺳﺴﺎﺕ ﺍﻟﺨﺎﺻﺔ ﺍﻟﻤﻨﺘﺞ ﻟﻠﻘﺮﻭﺽ ﺍﻟﺮﺩﻳﺌﺔ ﻳﺠﻌﻞ ﺍﻟﺒﻨﻮﻙ ﻓﻲ ﺇﻁﺎﺭ ﺍﻟﺘﺤﻜﻢ‬
‫ﻟﻠﺨﺰﻳﻨﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ ﻟﺪﻯ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ‪.‬‬ ‫ﻭﺗﺴﻴﻴﺮ ﻣﺨﺎﻁﺮ ﺍﻻﺋﺘﻤﺎﻥ ﺗﺘﺤﻔﻆ ﻓﻲ ﺍﻟﺘﻮﺳﻊ ﻓﻲ ﻣﻨﺢ ﺍﻻﺋﺘﻤﺎﻥ ﻟﻬﺬﺍ ﺍﻟﻘﻄﺎﻉ‪.‬‬
‫ﻟﻘﺪ ﺳﺎﻫﻤﺖ ﻋﻤﻠﻴﺎﺕ ﺗﻄﻬﻴﺮ ﻣﺤﺎﻓﻆ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺘﻲ ﻗﺎﻣﺖ ﺑﻬﺎ ﺍﻟﺪﻭﻟﺔ ﻣﻤﺜﻠﺔ ﺑﺎﻟﺨﺰﻳﻨﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ ﺑﺸﻜﻞ‬
‫ﻛﺒﻴﺮ ﻓﻲ ﺗﺤﻘﻴﻖ ﺍﺳﺘﻘﺮﺍﺭ ﺍﻟﻘﻄﺎﻉ ﺍﻟﻤﺼﺮﻓﻲ‪ ،‬ﻏﻴﺮ ﺃﻧﻪ ﻻ ﻳﻤﻜﻦ ﻟﺸﺮﻭﻁ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﻤﺼﺮﻓﻲ ﺍﻟﻤﺴﺎﻋﺪﺓ‬
‫ﺍﻟﺘﻲ ﺗﻤﻨﺤﻬﺎ ﺍﻟﺒﻨﻮﻙ ﺃﻥ ﺗﻤﻮﻝ ﺍﻟﻘﺮﻭﺽ ﺍﻟﺮﺩﻳﺌﺔ ﻭﺇﻻ ﻓﺴﺘﻘﻊ ﺍﻟﺒﻨﻮﻙ ﻓﻲ ﺣﻠﻘﺔ ﻣﺎﻟﻴﺔ ﻣﻔﺮﻏﺔ‪.‬‬
‫ﺍﺳﺘﻬﺪﻑ ﻣﺠﻠﺲ ﺍﻟﻨﻘﺪ ﻭﺍﻟﻘﺮﺽ ﻧﺴﺒﺔ ﺗﻮﺳﻊ ﻓﻲ ﻣﻨﺢ ﺍﻟﻘﺮﻭﺽ ﺗﺘﺮﺍﻭﺡ ﻣﻦ ‪ %23-22‬ﺳﻨﺔ ‪2009‬‬
‫ﻭﻫﺬﺍ ﻣﺎ ﺗﻮﺍﻓﻖ ﻣﻊ ﺍﻟﻨﺘﺎﺋﺞ ﺍﻟﻤﺤﻘﻘﺔ )‪ ،(18.01%‬ﻭﻗﺪ ﺃﺗﻰ ﻫﺬﺍ ﺍﻟﺘﻮﺳﻊ ﻓﻲ ﻅﻞ ﺗﻄﻮﺭ ﻣﺘﻮﺍﺿﻊ ﻟﺤﺠﻢ‬
‫ﺍﻟﻜﺘﻠﺔ ﺍﻟﻨﻘﺪﻳﺔ ﺍﻷﻣﺮ ﺍﻟﺬﻱ ﻣﻨﺢ ﺃﻫﻤﻴﺔ ﻛﺒﻴﺮﺓ "ﻟﻘﻨﺎﺓ" ﺍﻟﻘﺮﺽ ﻓﻲ ﻧﻘﻞ ﺗﺄﺛﻴﺮﺍﺕ ﺍﻟﺘﻄﻮﺭﺍﺕ ﺍﻟﻨﻘﺪﻳﺔ‪،‬‬
‫ﺑﻤﻌﻨﻰ ﺁﺧﺮ ﺃﻥ ﺍﻟﺒﻨﻮﻙ ﻟﻌﺒﺖ ﺩﻭﺭﻫﺎ ﻣﻦ ﺧﻼﻝ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﻤﺼﺮﻓﻲ ﺍﻟﺬﻱ ﺗﻤﻨﺤﻪ ﻓﻲ ﻭﻗﺖ ﺷﻬﺪ ﻓﻴﻪ‬
‫ﺍﻻﻗﺘﺼﺎﺩ ﺗﻄﻮﺭ ﻧﻘﺪﻱ ﻣﺘﻮﺍﺿﻊ‪ ،‬ﺣﻴﺚ ﻗﺎﻣﺖ ﺑﺘﻮﻓﻴﺮ ﺷﺮﻭﻁ ﺗﻤﻮﻳﻞ ﻣﺠﺰﻳﺔ ﻣﻦ ﺣﻴﺚ ﺣﺠﻢ ﺍﻟﺘﻤﻮﻳﻞ‬
‫@‪>17‬‬
‫ﺍﻟﺸﻜﻞ‪ - 08 .‬ﻣﻌﺪﻻﺕ ﺍﻟﺴﻴﻮﻟﺔ ﻓﻲ ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻭﻣﺪﺓ ﺍﺳﺘﺮﺩﺍﺩﻩ ﻭﻣﻌﺪﻝ ﻓﺎﺋﺪﺗﻪ‪.‬‬

‫ﺳﺠﻞ ﻣﻌﺪﻝ ﺍﻟﺴﻴﻮﻟﺔ )‪ / M2‬ﺍﻟﻨﺎﺗﺞ ﺍﻟﻤﺤﻠﻲ ﺍﻟﺨﺎﻡ( ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ ﺍﻟﻤﻤﺘﺪﺓ ﻣﻦ ﺳﻨﺔ ‪ 2000‬ﺇﻟﻰ ﺳﻨﺔ‬ ‫)ﺏ(‬ ‫)ﺃ(‬
‫‪ 2009‬ﺗﻮﺳﻌﺎ ﻣﻠﺤﻮﻅﺎ ﻭﺇﻥ ﺷﺎﺑﻪ ﺑﻌﺾ ﺍﻟﺘﺬﺑﺬﺏ‪ ،‬ﻭﻫﻮ ﻣﺆﺷﺮ ﻋﻠﻰ ﺍﻟﺘﻮﺳﻊ ﺍﻟﻤﺘﻮﺍﺻﻞ ﻟﻠﻘﻄﺎﻉ‬
‫ﺍﻟﻤﺼﺮﻓﻲ ﺍﻟﺠﺰﺍﺋﺮﻱ ﺳﻮﺍء ﻣﻦ ﺧﻼﻝ ﺗﻌﺒﺌﺔ ﺍﻟﻤﻮﺍﺭﺩ ﺃﻭ ﻣﻨﺢ ﺍﻟﻘﺮﻭﺽ‪ ،‬ﻏﻴﺮ ﺃﻥ ﻫﺬﺍ ﺍﻟﻤﺆﺷﺮ )ﺍﻟﺬﻱ‬
‫ﺗﻄﻮﺭ ﻓﻲ ﺣﺪﻭﺩ ‪ %60‬ﻛﻤﺘﻮﺳﻂ( ﻳﺒﻘﻰ ﻧﺎﻗﺼﺎ ﺑﺎﻋﺘﺒﺎﺭ ﺃﻥ ﺟﺰء ﻣﻦ ﺍﻻﺩﺧﺎﺭ ﺍﻟﻤﻮﺍﺯﻧﻲ ﻣﺪﻓﻮﻉ ﻓﻲ‬ ‫‪29.61%‬‬
‫‪48.10‬‬ ‫‪51.90‬‬ ‫‪42.80%‬‬
‫ﺻﻨﺪﻭﻕ ﺿﺒﻂ ﺍﻟﻤﻮﺍﺭﺩ‪ ،‬ﻭﻋﻠﻴﻪ ﻳﺘﻢ ﻗﻴﺎﺱ ﺣﺠﻢ ﺍﻟﻜﺘﻠﺔ ﺍﻟﻨﻘﺪﻳﺔ ‪ M2‬ﺇﻟﻰ ﺍﻟﻨﺎﺗﺞ ﺍﻟﻤﺤﻠﻲ ﺍﻟﺨﺎﻡ ﺧﺎﺭﺝ‬ ‫‪%‬‬ ‫‪%‬‬
‫ﻗﻄﺎﻉ ﺍﻟﻤﺤﺮﻭﻗﺎﺕ@‪ ،>18‬ﻭﺑﺬﻟﻚ ﻳﺮﺗﻔﻊ ﻣﺆﺷﺮ ﺍﻟﺘﻄﻮﺭ ﺍﻟﻤﺼﺮﻓﻲ ﺇﻟﻰ ﺣﺪﻭﺩ ‪ %99‬ﻛﻤﺘﻮﺳﻂ‪.‬‬ ‫‪27.61%‬‬

‫‪ .5.4‬ﺍﻟﺴﻴﻮﻟﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ‬
‫ﺣﺻﺔ ﺍﻟﻘﻁﺎﻉ ﺍﻟﺧﺎﺹ‬ ‫ﺣﺻﺔ ﺍﻟﻘﻁﺎﻉ ﺍﻟﻌﺎﻡ‬ ‫ﺍﻟﻘﺭﻭﺽ ﺍﻟﻁﻭﻳﻠﺔ ﺍﻻﺟﻝ‬ ‫ﺍﻟﻘﺭﻭﺽ ﺍﻟﻣﺗﻭﺳﻁﺔ ﺍﻻﺟﻝ‬ ‫ﺍﻟﻘﺭﻭﺽ ﺍﻟﻘﺻﻳﺭﺓ ﺍﻻﺟﻝ‬

‫ﺳﻤﺢ ﺍﻟﺘﻄﻮﺭ ﺍﻟﻤﺘﺼﺎﻋﺪ ﻟﻠﺴﻮﻕ ﺍﻟﻨﻘﺪﻱ ﻓﻲ ﺍﻟﺠﺰﺍﺋﺮ ﺧﻼﻝ ﺳﻨﻮﺍﺕ ﺍﻟﺘﺴﻌﻴﻨﻴﺎﺕ ﺑﺤﺼﻮﻝ ﺍﻟﺒﻨﻮﻙ‬
‫ﻋﻠﻰ ﻭﺳﻴﻠﺔ ﺇﺿﺎﻓﻴﺔ ﻟﺘﻮﻓﻴﺮ ﺍﻟﺴﻴﻮﻟﺔ ﻭﻫﺬﺍ ﺇﻟﻰ ﻏﺎﻳﺔ ﺑﺪﺍﻳﺔ ﺍﻟﻌﺸﺮﻳﺔ ﺍﻷﻭﻟﻰ ﻣﻦ ﺍﻟﻘﺮﻥ ﺍﻟﺤﺎﺩﻱ‬
‫ﻭﺍﻟﻌﺸﺮﻳﻦ ﻭﺑﺎﻟﻀﺒﻂ ﻓﻲ ﺍﻟﺴﺪﺍﺳﻲ ﺍﻟﺜﺎﻧﻲ ﻣﻦ ﺳﻨﺔ ‪ 2001‬ﺃﻳﻦ ﺗﻮﻗﻔﺖ ﺟﻤﻴﻊ ﺍﻷﺩﻭﺍﺕ ﺍﻟﻤﺴﺘﻌﻤﻠﺔ ﻣﻦ‬ ‫ﺍﻟﺸﻜﻞ‪) - 05 .‬ﺃ( ﺗﻮﺯﻳﻊ ﺣﺠﻢ ﺍﻟﻘﺮﻭﺽ ﺍﻟﻤﻤﻨﻮﺣﺔ ﻟﻼﻗﺘﺼﺎﺩ ﺣﺴﺐ ﺍﻟﻤﺪﺓ‪) ,‬ﺏ( ﺣﺼﺔ ﺍﻟﻘﻄﺎﻉ ﺍﻟﻌﺎﻡ‬
‫@‪>15‬‬
‫ﻁﺮﻑ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ ﻟﺪﻯ ﺗﺪﺧﻠﻪ ﻓﻲ ﺍﻟﺴﻮﻕ ﺍﻟﻨﻘﺪﻱ ﻟﺘﻮﻓﻴﺮ ﺍﻟﺴﻴﻮﻟﺔ ﻟﻠﺒﻨﻮﻙ‪.‬‬ ‫ﻭﺍﻟﺨﺎﺹ ﻣﻦ ﺣﺠﻢ ﺍﻟﻘﺮﻭﺽ ﺍﻟﻤﻤﻨﻮﺣﺔ ﻟﻼﻗﺘﺼﺎﺩ ﺧﻼﻝ ﺳﻨﺔ ‪2009‬‬
‫ﺍﻟﻮﺣﺪﺓ‪ :‬ﻣﻠﻴﺎﺭ ﺩﺝ‬
‫‪2845.95‬‬ ‫ﻻ ﺗﺰﺍﻝ ﺣﺼﺔ ﺍﻟﻘﺮﻭﺽ ﺍﻟﻘﺼﻴﺮﺓ ﺍﻷﺟﻞ ﻫﻲ ﺍﻷﻛﺒﺮ ﻣﻘﺎﺭﻧﺔ ﻣﻊ ﺣﺼﺔ ﺍﻟﻘﺮﻭﺽ ﺍﻟﻤﺘﻮﺳﻄﺔ‬
‫‪3000‬‬
‫‪2447.36‬‬ ‫ﻭﺍﻟﻄﻮﻳﻠﺔ ﺍﻷﺟﻞ ﻭﻫﻮ ﺍﻷﻣﺮ ﺍﻟﺬﻱ ﻳﻌﻄﻲ ﻣﺆﺷﺮﺍ ﻭﺍﺿﺤﺎ ﻋﻠﻰ ﻁﺒﻴﻌﺔ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﻤﺼﺮﻓﻲ ﺍﻟﺬﻱ ﺗﻘﺪﻣﻪ‬
‫‪2500‬‬
‫‪2001.18‬‬
‫ﺍﻟﺒﻨﻮﻙ‪ ،‬ﻫﺬﻩ ﺍﻷﺧﻴﺮﺓ ﺗﺒﻘﻰ ﻣﺮﻛﺰﺓ ﻋﻠﻰ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﻘﺼﻴﺮ ﺍﻟﻤﺪﻯ ﻟﺘﺤﻘﻴﻖ ﺃﻛﺒﺮ ﻗﺪﺭ ﻣﻦ ﺍﻷﺭﺑﺎﺡ ﺩﻭﻥ‬
‫‪2000‬‬ ‫ﺗﺤﻤﻞ ﺩﺭﺟﺔ ﻣﺨﺎﻁﺮ ﻋﺎﻟﻴﺔ‪ ،‬ﻣﻦ ﺟﺎﻧﺐ ﺁﺧﺮ ﺗﻤﻜﻦ ﺍﻟﻘﻄﺎﻉ ﺍﻟﺨﺎﺹ ﻣﻦ ﺣﺼﺪ ﺣﺠﻢ ﻗﺮﻭﺽ ﺃﻛﺒﺮ ﻣﻦ‬
‫‪1500‬‬ ‫ﺍﻟﻘﻄﺎﻉ ﺍﻟﻌﺎﻡ ﻭﻫﻮ ﻣﺎ ﻳﻌﺪ ﻣﺆﺷﺮﺍ ﺍﻳﺠﺎﺑﻴﺎ ﻟﻠﻘﻄﺎﻉ ﺍﻟﻤﺼﺮﻓﻲ ﺍﻟﺠﺰﺍﺋﺮﻱ ﻳﻨﺒﻐﻲ ﺗﺪﻋﻴﻤﻬﺎ‪ ،‬ﺧﺼﻮﺻﺎ ﺇﺫﺍ‬
‫‪1146.9‬‬
‫ﻣﺎ ﻗﻮﺭﻧﺖ ﻣﻊ ﻣﺎ ﺗﺤﻘﻖ ﻓﻲ ﺩﻭﻝ ﺍﻟﺠﻮﺍﺭ )ﺗﻮﻧﺲ ﻭﺍﻟﻤﻐﺮﺏ(‪.‬‬
‫‪1000‬‬ ‫‪673‬‬ ‫‪732‬‬
‫‪611.2‬‬
‫‪500‬‬ ‫‪191.6‬‬ ‫‪227.9‬‬
‫‪100.00%‬‬ ‫‪93.52%‬‬
‫‪0‬‬
‫‪2001‬‬ ‫‪2002‬‬ ‫‪2003‬‬ ‫‪2004‬‬ ‫‪2005‬‬ ‫‪2006‬‬ ‫‪2007‬‬ ‫‪2008‬‬ ‫‪2009‬‬ ‫‪80.00%‬‬

‫‪60.00%‬‬ ‫‪51.90%‬‬
‫@‪>19‬‬
‫ﺍﻟﺸﻜﻞ‪ - 09 .‬ﺗﻄﻮﺭ ﺣﺠﻢ ﺍﻟﺴﻴﻮﻟﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﺑﺎﻟﺒﻨﻮﻙ‬
‫‪40.00%‬‬
‫ﺩﻓﻌﺖ ﻅﺎﻫﺮﺓ ﺍﻟﺴﻴﻮﻟﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﺍﻟﻤﻮﺟﺒﺔ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ ﺇﻟﻰ ﺍﻋﺘﻤﺎﺩ ﺑﺪﺍﻳﺔ ﻣﻦ ﺷﻬﺮ ﺃﻓﺮﻳﻞ ‪2002‬‬ ‫‪20.00%‬‬ ‫‪9.67%‬‬
‫ﻋﻠﻰ ﻭﺳﺎﺋﻞ ﺟﺪﻳﺪﺓ ﻻﻣﺘﺼﺎﺹ ﺍﻟﺴﻴﻮﻟﺔ ﺍﻟﻔﺎﺋﻀﺔ ﻓﻲ ﺍﻟﺴﻮﻕ ﺍﻟﻨﻘﺪﻱ‪ ،‬ﻭﻟﻢ ﺗﻠﺠﺄ ﺍﻟﺒﻨﻮﻙ ﻣﻨﺬ ﺳﻨﺔ ‪2001‬‬
‫‪0.00%‬‬
‫ﺇﻟﻰ ﻏﺎﻳﺔ ﺳﻨﺔ ‪ - 2009‬ﺑﺎﻟﺮﻏﻢ ﻣﻦ ﺍﻷﺯﻣﺔ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﻌﺎﻟﻤﻴﺔ ﻭﺗﺄﺛﻴﺮﺍﺗﻬﺎ )‪ - (2009‬ﺇﻟﻰ ﺍﻟﺴﻮﻕ ﺍﻟﻨﻘﺪﻱ‬
‫ﺍﻟﺟﺯﺍﺋﺭ‬ ‫ﺍﻟﻣﻐﺭﺏ‬ ‫ﺗﻭﻧﺱ‬
‫ﻹﻋﺎﺩﺓ ﺍﻟﺘﻤﻮﻳﻞ ﻟﺪﻯ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ‪ ،‬ﻭﺇﻥ ﺗﻢ ﺗﺴﺠﻴﻞ ﺳﻨﺔ ‪ 2009‬ﺍﻧﺨﻔﺎﺽ ﻓﻲ ﺣﺠﻢ ﺍﻟﺴﻴﻮﻟﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ‬
‫ﺑﺎﻟﺒﻨﻮﻙ ﺑﻨﺴﺒﺔ ﻗﺪﺭﺕ ﺑـﺤﻮﺍﻟﻲ ‪ 14%‬ﺑﺴﺒﺐ ﺍﻧﺨﻔﺎﺽ ﻋﺎﺋﺪﺍﺕ ﻗﻄﺎﻉ ﺍﻟﻤﺤﺮﻭﻗﺎﺕ‪.‬‬
‫@‪>16‬‬
‫ﻣﻨﺢ ﻓﺎﺋﺾ ﺍﻟﺴﻴﻮﻟﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﺍﻟﺒﻨﻮﻙ ﻓﺮﺻﺔ ﺍﻟﺘﻮﺳﻊ ﻓﻲ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﻤﺼﺮﻓﻲ ﺇﺿﺎﻓﺔ ﺇﻟﻰ‬ ‫ﺍﻟﺸﻜﻞ‪ - 06 .‬ﺣﺼﺔ ﺍﻟﻘﻄﺎﻉ ﺍﻟﺨﺎﺹ ﻣﻦ ﺇﺟﻤﺎﻟﻲ ﺍﻟﻘﺮﻭﺽ ﺍﻟﻤﻤﻨﻮﺣﺔ ﺳﻨﺔ ‪2009‬‬
‫ﺍﻟﺘﻮﻅﻴﻔﺎﺕ ﺍﻟﺘﻲ ﻳﻘﺘﺮﺣﻬﺎ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ ﻓﻲ ﺍﻟﺴﻮﻕ ﺍﻟﻨﻘﺪﻱ ﻭﺗﻮﻅﻴﻔﺎﺕ ﺳﻮﻕ ﻣﺎ ﺑﻴﻦ ﺍﻟﺒﻨﻮﻙ‪ ،‬ﻭﺇﻥ ﺗﻮﺟﻪ‬
‫ﺣﺠﻢ ﻣﻌﺘﺒﺮ ﻣﻦ ﻫﺬﺍ ﺍﻟ ﻔﺎﺋﺾ ﻓﻲ ﻋﻤﻠﻴﺎﺕ ﻣﻊ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ ﻓﻲ ﺇﻁﺎﺭ ﻋﻤﻠﻴﺎﺕ ﺍﺳﺘﺮﺟﺎﻉ ﺍﻟﺴﻴﻮﻟﺔ‬ ‫ﺃﻣﺎ ﺑﺎﻟﻨﺴﺒﺔ ﻟﺘﻄﻮﺭ ﺣﺠﻢ ﺍﻟﻘﺮﻭﺽ ﺍﻟﻤﻤﻨﻮﺣﺔ ﻟﻠﺪﻭﻟﺔ ﻓﻘﺪ ﺷﻬﺪﺕ ﺍﺳﺘﻘﺮﺍﺭﺍ ﺳﻨﺔ ‪ 2009‬ﻣﺎ ﻳﺪﻝ ﻋﻠﻰ‬
‫ﻭﺗﺴﻬﻴﻠﺔ ﺍﻟﻮﺩﺍﺋﻊ ﺑﺄﺟﺮ‪.‬‬ ‫ﻣﺮﻭﻧﺔ ﺻﻨﺪﻭﻕ ﺿﺒﻂ ﺍﻟﻤﻮﺍﺭﺩ‪ ،‬ﻭﻓﻲ ﻅﻞ ﻁﺒﻴﻌﺔ ﻣﻮﺍﺭﺩ ﺍﻟﺼﻨﺪﻭﻕ ﻏﻴﺮ ﺍﻟﻨﻘﺪﻳﺔ ﻓﺎﻥ ﺍﻟﺘﻄﻮﺭ‬
‫ﺇﻥ ﻓﺎﺋﺾ ﺍﻟﺴﻴﻮﻟﺔ ﺍﻟﺬﻱ ﻻ ﻳﺰﺍﻝ ﻳﻤﻴﺰ ﺍﻟﻨﻈﺎﻡ ﺍﻟﻤﺼﺮﻓﻲ ﻓﻲ ﺍﻟﺠﺰﺍﺋﺮ ﻣﻨﺬ ‪ 2002‬ﺟﻌﻞ ﺩﻭﺭ‬ ‫ﺍﻟﻤﺘﻮﺍﺿﻊ ﻟﺤﺠﻢ ﺍﻟﻜﺘﻠﺔ ﺍﻟﻨﻘﺪﻳﺔ ‪ M2‬ﻓﻲ ﺳﻨﺔ ‪ (3.20%) 2009‬ﻳﻌﺘﺒﺮ ﻅﺎﻫﺮﺓ ﻧﻘﺪﻳﺔ ﺟﺪﻳﺪﺓ )ﻏﻴﺮ‬
‫ﺍﻟﻤﻘﺮﺽ ﺍﻷﺧﻴﺮ ﻣﻦ ﻁﺮﻑ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ ﻏﻴﺮ ﻣﺴﺘﻌﻤﻞ‪ ،‬ﺣﻴﺚ ﻳﺘﺪﺧﻞ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ ﻓﻲ ﺍﻟﺴﻮﻕ‬ ‫ﻣﺴﺒﻮﻗﺔ( ﻳﺸﻬﺪﻫﺎ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﻮﻁﻨﻲ ﺃﺗﺖ ﻛﻨﺘﻴﺠﺔ ﻟﻠﺼﺪﻣﺔ ﺍﻟﺨﺎﺭﺟﻴﺔ‪ ،‬ﻭﻛﺎﻥ ﺫﻟﻚ ﻋﻜﺲ ﺍﻟﻨﺴﺒﺔ ﺍﻟﺘﻲ‬
‫ﺍﻟﻨﻘﺪﻳﺔ ﻻﻣﺘﺼﺎﺹ ﻓﺎﺋﺾ ﺍﻟﺴﻴﻮﻟﺔ ﻓﻌﻠﻴﺎ‪ ،‬ﻭﺗﺘﻌﺎﺭﺽ ﻣﺜﻞ ﻫﺬﻩ ﺍﻟﻮﺿﻌﻴﺔ ﻣﻊ ﺃﺯﻣﺔ ﺍﻟﺴﻴﻮﻟﺔ ﺍﻟﺘﻲ ﺗﻤﻴﺰ‬ ‫ﺍﺳﺘﻬﺪﻓﺘﻬﺎ ﺍﻟﺴﻠﻄﺔ ﺍﻟﻨﻘﺪﻳﺔ ﻣﻤﺜﻠﺔ ﺑﻤﺠﻠﺲ ﺍﻟﻨﻘﺪ ﻭﺍﻟﻘﺮﺽ )‪ (%13-12‬ﻟﺘﻄﻮﺭ ﺍﻟﻜﺘﻠﺔ ﺍﻟﻨﻘﺪﻳﺔ ‪M2‬‬
‫ﺍﻟﻤﺮﺍﺣﻞ ﺍﻷﻭﻟﻰ ﻟﻸﺯﻣﺔ ﺍﻟﻤﺎﻟﻴﺔ ﺍﻟﺪﻭﻟﻴﺔ ﻭﺍﻟﺘﻲ ﺗﻄﻠﺒﺖ ﺗﺪﺧﻼﺕ ﺳﺮﻳﻌﺔ ﻭﺣﺎﺳﻤﺔ ﻟﻠﻌﺪﻳﺪ ﻣﻦ ﺍﻟﺒﻨﻮﻙ‬ ‫ﻭﻣﻌﺪﻝ ﺗﻀﺨﻢ ﻓﻲ ﺣﺪﻭﺩ ‪.%4‬‬
‫ﺍﻟﻤﺮﻛﺰﻳﺔ ﻓﻲ ﻣﺨﺘﻠﻒ ﺃﻧﺤﺎء ﺍﻟﻌﺎﻟﻢ‪ ،‬ﻓﻘﺪ ﺩﻓﻌﺖ ﻫﺬﻩ ﺍﻷﺧﻴﺮﺓ ﺇﻟﻰ ﺗﺤﻮﻳﻞ ﻋﻤﻴﻖ ﻓﻲ ﺃﻁﺮ ﺳﻴﺎﺳﺘﻬﺎ‬
‫ﺍﻟﻨﻘﺪﻳﺔ‪ ،‬ﻣﻊ ﺑﺮﻭﺯ ﻫﺪﻑ ﺍﻻﺳﺘﻘﺮﺍﺭ ﺍﻟﻤﺎﻟﻲ‪.‬‬ ‫‪ .4.4‬ﺳﻴﻮﻟﺔ ﺍﻻﻗﺘﺼﺎﺩ‬
‫ﺃﺻﺒﺢ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ ‪-‬ﺍﻟﺬﻱ ﻳﻮﺍﺻﻞ ﺗﺴﻴﻴﺮ ﻓﺎﺋﺾ ﺍﻟﺴﻴﻮﻟﺔ‪ -‬ﻳﺘﻮﺍﻓﺮ ﻋﻠﻰ ﺇﻁﺎﺭ ﻟﻠﺴﻴﺎﺳﺔ ﻳﺘﻄﺎﺑﻖ ﻣﻊ‬
‫ﺍﻟﻤﻌﺎﻳﻴﺮ ﺍﻟﺪﻭﻟﻴﺔ ﻓﻲ ﻣﺠﺎﻝ ﻭﺳﺎﺋﻞ ﺍﻟﺴﻴﺎﺳﺔ ﺍﻟﻨﻘﺪﻳﺔ‪ ،‬ﻛﻤﺎ ﻳﺸﻬﺪ ﻋﻠﻰ ﺫﻟﻚ ﺍﻟﻨﻈﺎﻡ ﺭﻗﻢ ‪ 02-09‬ﺍﻟﻤﺆﺭﺥ‬ ‫ﺑﺎﻟﺘﻮﺍﺯﻱ ﻣﻊ ﺍﻟﻨﻤﻮ ﺍﻟﻤﺘﻮﺍﺿﻊ ﻟﻠﻜﺘﻠﺔ ﺍﻟﻨﻘﺪﻳﺔ ‪ M2‬ﻓﻲ ﻣﻘﺎﺑﻞ ﺍﻻﺭﺗﻔﺎﻉ ﺍﻟﻘﻮﻱ ﻟﺤﺠﻢ ﺍﻟﻘﺮﻭﺽ‬
‫ﻓﻲ ‪ 26‬ﻣﺎﻱ ‪ 2009‬ﺍﻟﻤﺘﻌﻠﻖ ﺑﻌﻤﻠﻴﺎﺕ ﺍﻟﺴﻴﺎﺳﺔ ﺍﻟﻨﻘﺪﻳﺔ ﻭﻭﺳﺎﺋﻠﻬﺎ ﻭﺇﺟﺮﺍءﺍﺗﻬﺎ‪ ،‬ﻭﻣﻦ ﺍﻟﻮﺍﺿﺢ ﺃﻥ ﻫﺬﺍ‬ ‫ﺍﻟﻤﻤﻨﻮﺡ ﻟﻼﻗﺘﺼﺎﺩ ﺳﺠﻠﺖ ﺍﻟﺴﻴﻮﻟﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﺍﻧﻜﻤﺎﺵ ﻫﻮ ﺍﻷﻭﻝ ﻓﻲ ﺍﻟﻌﺸﺮ ﺳﻨﻮﺍﺕ ﺍﻷﻭﻟﻰ ﻣﻦ‬
 ‫‪ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 46–53‬‬ ‫‪51‬‬

‫ﻓﻲ ﻋﻤﻠ ﻴﺎﺗﻬﺎ ﻣﻊ ﺍﻟﻤﺆﺳﺴﺎﺕ ﺍﻟﻤﺎﻟﻴﺔ )ﻭﺑﺎﻟﺨﺼﻮﺹ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ ﻓﻲ ﻋﻤﻠﻴﺎﺕ ﺍﺳﺘﺮﺟﺎﻉ ﺍﻟﺴﻴﻮﻟﺔ(‬ ‫‪140.00%‬‬
‫ﺧﺼﻮﺻﺎ ﺑﻌﺪ ﺍﻧﺨﻔﺎﺽ ﻧﺴﺒﺔ ﺍﻟﻘﺮﻭﺽ ﺍﻟﺮﺩﻳﺌﺔ )ﺑﻌﺪ ﺗﺪﺧﻞ ﺍﻟﺨﺰﻳﻨﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ(‪.‬‬ ‫‪112.70%115.14%‬‬
‫‪120.00%‬‬ ‫‪106.56%‬‬ ‫‪103.31%‬‬
‫‪98.92% 98.55% 98.72%‬‬
‫‪94.80%‬‬
‫‪87.81%‬‬
‫‪100.00%‬‬
‫ﺍﻟﺠﺪﻭﻝ ‪ - 01‬ﻫﻮﺍﻣﺶ ﺍﻟﻮﺳﺎﻁﺔ ﻓﻲ ﺍﻟﺒﻨﻮﻙ‬ ‫‪80.67%‬‬
‫‪80.00%‬‬ ‫‪70.77%‬‬
‫‪63.94% 63.72%‬‬
‫‪58.05%‬‬ ‫‪61.16% 54.96% 57.96% 63.72% 62.99%‬‬
‫‪2009‬‬ ‫‪2008‬‬ ‫‪2007‬‬ ‫‪2006‬‬ ‫‪2005‬‬ ‫ﺍﻟﺴﻨﺔ‬ ‫‪60.00%‬‬ ‫‪49.05%‬‬

‫‪ -‬ﺍﻟﺒﻨﻮﻙ ﺍﻟﻌﻤﻮﻣﻴﺔ‪:‬‬ ‫‪40.00%‬‬

‫‪15,38‬‬ ‫‪25,00‬‬ ‫‪22,37‬‬ ‫‪13,95‬‬ ‫‪4,19%‬‬ ‫‪ -‬ﻣﻊ ﺍﻟﻤﺆﺳﺴﺎﺕ‬ ‫‪20.00%‬‬
‫‪%‬‬ ‫‪%‬‬ ‫‪%‬‬ ‫‪%‬‬ ‫‪65,39‬‬ ‫ﺍﻟﻤﺎﻟﻴﺔ‬
‫‪0.00%‬‬
‫‪67,17‬‬ ‫‪49,99‬‬ ‫‪45,87‬‬ ‫‪59,81‬‬ ‫‪%‬‬ ‫‪ -‬ﻣﻊ ﺍﻟﺰﺑﺎﺋﻦ‬ ‫‪2000‬‬ ‫‪2001‬‬ ‫‪2002‬‬ ‫‪2003‬‬ ‫‪2004‬‬ ‫‪2005‬‬ ‫‪2006‬‬ ‫‪2007‬‬ ‫‪2008‬‬ ‫‪2009‬‬
‫‪%‬‬ ‫‪%‬‬ ‫‪%‬‬ ‫‪%‬‬ ‫‪30,82‬‬ ‫‪ -‬ﺳﻨﺪﺍﺕ ﻭﺃﺻﻮﻝ‬
‫‪17,54‬‬ ‫‪25%‬‬ ‫‪31,74‬‬ ‫‪26,75‬‬ ‫‪%‬‬ ‫ﺃﺧﺮﻯ‬
‫‪%‬‬ ‫‪0,01%‬‬ ‫‪%‬‬ ‫‪%‬‬ ‫‪-‬‬ ‫‪ -‬ﻓﻮﺍﺋﺪ ﻭﻣﻨﺘﺠﺎﺕ‬
‫ﺍﻟﻛﺗﻠﺔ ﺍﻟﻧﻘﺩﻳﺔ ‪ / M2‬ﺍﻟﻧﺎﺗﺞ ﺍﻟﻣﺣﻠﻲ ﺍﻟﺧﺎﻡ‬
‫‪-0,09%‬‬ ‫‪0,02%‬‬ ‫‪-0,51%‬‬ ‫‪0,40%‬‬ ‫ﺃﺧﺮﻯ‬
‫ﺍﻟﻛﺗﻠﺔ ﺍﻟﻧﻘﺩﻳﺔ ‪ / M2‬ﺍﻟﻧﺎﺗﺞ ﺍﻟﻣﺣﻠﻲ ﺍﻟﺧﺎﻡ ﺧﺎﺭﺝ ﻗﻁﺎﻉ ﺍﻟﻣﺣﺭﻭﻗﺎﺕ‬
‫‪ -‬ﺍﻟﺒﻨﻮﻙ ﺍﻟﺨﺎﺻﺔ‪:‬‬
‫‪8,31%‬‬ ‫‪7,17%‬‬ ‫‪8,33%‬‬ ‫‪10,69‬‬ ‫‪5,50%‬‬ ‫‪ -‬ﻣﻊ ﺍﻟﻤﺆﺳﺴﺎﺕ‬
‫‪82,88‬‬ ‫‪84,02‬‬ ‫‪80,28‬‬ ‫‪%‬‬ ‫‪82,17‬‬ ‫ﺍﻟﻤﺎﻟﻴﺔ‬ ‫ﺍﻹﻁﺎﺭ ﺍﻟﻌﻤﻠﻲ ﺍﻟﺠﺪﻳﺪ ﻟﻠﺴﻴﺎﺳﺔ ﺍﻟﻨﻘﺪﻳﺔ ﺳﻮﻑ ﻳﺴﺎﻫﻢ ﻓﻲ ﻣﺘﺎﺑﻌﺔ ﻫﺪﻑ ﺍﻻﺳﺘﻘﺮﺍﺭ ﺍﻟﻤﺎﻟﻲ ﻓﻲ ﺍﻟﺠﺰﺍﺋﺮ‪،‬‬
‫‪%‬‬ ‫‪%‬‬ ‫‪%‬‬ ‫‪78,24‬‬ ‫‪%‬‬ ‫‪ -‬ﻣﻊ ﺍﻟﺰﺑﺎﺋﻦ‬ ‫ﻣﻌﺘﻤﺪﺍ ﻋﻠﻰ ﺍﻟﻤﻜﺎﺳﺐ ﺍﻟﻤﺤﻘﻘﺔ ﻓﻲ ﻣﺠﺎﻝ ﺍﻻﺳﺘﻘﺮﺍﺭ ﺍﻟﻨﻘﺪﻱ ﻭﺍﻟﻘﺪﺭﺓ ﻋﻠﻰ ﺍﻟﻤﻘﺎﻭﻣﺔ ﻣﻦ ﻁﺮﻑ ﺍﻟﻘﻄﺎﻉ‬
‫‪0.62%‬‬ ‫‪0.14%‬‬ ‫‪2,19%‬‬ ‫‪%‬‬ ‫‪1,35%‬‬ ‫‪ -‬ﺳﻨﺪﺍﺕ ﻭﺃﺻﻮﻝ‬ ‫ﺍﻟﻤﺼﺮﻓﻲ@‪.>20‬‬
‫‪8,19%‬‬ ‫‪8,67%‬‬ ‫‪9,20%‬‬ ‫‪2,14%‬‬ ‫‪10,98‬‬ ‫ﺃﺧﺮﻯ‬
‫‪8,93%‬‬ ‫‪%‬‬ ‫‪ -‬ﻓﻮﺍﺋﺪ ﻭﻣﻨﺘﺠﺎﺕ‬ ‫‪ .6.4‬ﻣﺆﺷﺮ ﺍﻟﺼﻴﺮﻓﺔ‬
‫ﺃﺧﺮﻯ‬
‫ﻣﻦ ﺗﻘﺎﺭﻳﺮ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ ﺣﻮﻝ ﺗﻄﻮﺭﺍﺕ ﺍﻟﻮﺿﻌﻴﺔ ﺍﻟﻨﻘﺪﻳﺔ ﻭﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ‬ ‫ﺍﻟﻤﺼﺪﺭ‪ :‬ﻣﻌﻠﻮﻣﺎﺕ ﻣﺠﻤﻌﺔ‬ ‫ﻳﺤﻮﺯ ﺍﻟﻘﻄﺎﻉ ﺍﻟﻤﺼﺮﻓﻲ ﺍﻟﺠﺰﺍﺋﺮﻱ ﻋﻠﻰ ﻋﺪﺩ ﻣﻬﻢ ﻣﻦ ﺍﻟﻮﻛﺎﻻﺕ ﺍﻟﺒﻨﻜﻴﺔ ﺍﻟﺘﻲ ﺗﺴﻤﺢ ﻟﻪ ﺑﻤﻤﺎﺭﺳﺔ‬
‫ﺍﻟﺠﺰﺍﺋﺮ ‪.2009-2004‬‬ ‫ﻭﻅﻴﻔﺔ ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ‪ ،‬ﻭﻗﺪ ﺑﻠﻎ ﻋﺪﺩ ﻫﺬﻩ ﺍﻟﻮﻛﺎﻻﺕ ‪ 1324‬ﻭﻛﺎﻟﺔ ﺳﻨﺔ ‪.2009‬‬

‫ﺇﻥ ﺍﻟﻔﻮﺍﺭﻕ ﺍﻟﻤﺴﺠﻠﺔ ﻓﻲ ﻣﺠﺎﻝ ﻫﻮﺍﻣﺶ ﺍﻟﻮﺳﺎﻁﺔ ﻟﺼﺎﻟﺢ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺨﺎﺻﺔ ﻋﻠﻰ ﺣﺴﺎﺏ ﺍﻟﺒﻨﻮﻙ‬ ‫‪30000‬‬
‫ﺍﻟﻌﻤﻮﻣﻴﺔ ﻳﻌﻮﺩ ﺑﺎﻷﺳﺎﺱ ﻟﺴﺒﺒﻴﻦ ﺭﺋﻴﺴﻴﻴﻦ ﻭﻫﻤﺎ ﺗﺮﻛﻴﺰ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺨﺎﺻﺔ ﻋﻠﻰ ﺍﻟﻌﻤﻠﻴﺎﺕ ﻣﻊ ﺍﻟﺰﺑﺎﺋﻦ‬ ‫‪25000‬‬
‫)ﺍﻷﻛﺜﺮ ﺭﺑﺤﺎ ﻣﻘﺎﺭﻧﺔ ﻣﻊ ﺍﻟﻌﻤﻠﻴﺎﺕ ﻣﻊ ﺍﻟﻤﺆﺳﺴﺎﺕ ﺍﻟﻤﺎﻟﻴﺔ(‪ ،‬ﻭﺍﻟﻨﺴﺒﺔ ﺍﻟﻤﺮﺗﻔﻌﺔ ﻟﻠﻘﺮﻭﺽ ﺍﻟﺮﺩﻳﺌﺔ‬ ‫‪20000‬‬
‫‪26800‬‬ ‫‪26200‬‬ ‫‪25700‬‬ ‫‪26400‬‬ ‫‪26700‬‬

‫ﺑﺎﻟﺒﻨﻮﻙ ﺍﻟﻌﻤﻮﻣﻴﺔ )ﻭﺇﻥ ﻛﺎﻧﺖ ﺗﺸﻬﺪ ﺍﻧﺨﻔﺎﺿﺎ ﻣﺴﺘﻤﺮﺍ ﻧﺘﻴﺠﺔ ﺍﻟﺘﺪﺧﻞ ﺍﻟﻤﺘﻮﺍﺻﻞ ﻟﻠﺨﺰﻳﻨﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ ﻓﻲ‬ ‫‪15000‬‬
‫ﺗﻄﻬﻴﺮ ﻣﺤﺎﻓﻆ ﺍﻟﺒﻨﻮﻙ ﺍﻟﻌﻤﻮﻣﻴﺔ(‪.‬‬ ‫‪10000‬‬
‫‪5000‬‬
‫‪8100‬‬ ‫‪7900‬‬ ‫‪7870‬‬ ‫‪8300‬‬ ‫‪7900‬‬
‫‪ .8.4‬ﺍﻟﻘﺮﻭﺽ ﺍﻟﺮﺩﻳﺌﺔ‪:‬‬ ‫‪0‬‬
‫‪2005‬‬ ‫‪2006‬‬ ‫‪2007‬‬ ‫‪2008‬‬ ‫‪2009‬‬

‫ﺗﻌﺘﺒﺮ ﺍﻟﻘﺮﻭﺽ ﺍﻟﺮﺩﻳﺌﺔ ﻣﻦ ﺃﻫﻢ ﺍﻟﻌﻮﺍﻣﻞ ﺍﻟﺘﻲ ﺗﻌﻴﻖ ﺗﻮﺳﻊ ﺍﻟﺒﻨﻮﻙ ﻓﻲ ﻧﺸﺎﻁ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﻤﺼﺮﻓﻲ‬ ‫ﻋﺩﺩ ﺍﻟﺷﺑﺎﺑﻳﻙ ‪ /‬ﻋﺩﺩ ﺍﻟﺳﻛﺎﻥ‬ ‫ﻧﺳﺑﺔ ﺍﻟﻳﺩ ﺍﻟﻌﺎﻣﻠﺔ ﺍﻟﻧﺷﻁﺔ ‪ /‬ﻋﺩﺩ ﺍﻟﺷﺑﺎﺑﻳﻙ‬
‫ﻭﻳﻘﻴﺪ ﺩﻭﺭﻫﺎ ﻓﻲ ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﺣﻴﺚ ﻳﻀﻌﻬﺎ ﺃﻣﺎﻡ ﻣﻌﺎﻳﻴﺮ ﻭﻗﻮﺍﻋﺪ ﺍﺣﺘﺮﺍﺯﻳﺔ ﻻﺑﺪ ﻣﻦ‬
‫ﺍﺣﺘﺮﺍﻣﻬﺎ‪ ،‬ﻭﻳﻌﻮﺩ ﺑﺮﻭﺯ ﻫﺬﻩ ﺍﻟﻈﺎﻫﺮﺓ ﺇﻟﻰ ﻋﺪﺓ ﺃﺳﺒﺎﺏ ﻣﺘﺪﺍﺧﻠﺔ ﻛﻤﺎ ﺃﻧﻬﺎ ﻟﻴﺴﺖ ﺑﺎﻟﻈﺎﻫﺮﺓ ﺍﻟﺠﺪﻳﺪﺓ ﻓﻲ‬
‫@‪>21‬‬
‫ﺍﻟﻨﻈﺎﻡ ﺍﻟﻤﺼﺮﻓﻲ ﺍﻟﺠﺰﺍﺋﺮﻱ‪ ،‬ﻭﻷﻥ ﺍﻟﺒﻨﻮﻙ ﺍﻟﻌﻤﻮﻣﻴﺔ ﺗﺘﺼﺪﺭ ﻗﺎﺋﻤﺔ ﺍﻟﺒﻨﻮﻙ ﺍﻟﻤﺜﻘﻠﺔ ﺑﺎﻟﻘﺮﻭﺽ ﺍﻟﺮﺩﻳﺌﺔ‬ ‫ﺍﻟﺸﻜﻞ‪ - 10 .‬ﺗﻄﻮﺭ ﻋﺪﺩ ﺍﻟﺸﺒﺎﺑﻴﻚ ﺍﻟﺒﻨﻜﻴﺔ ﻧﺴﺒﺔ ﻟﻌﺪﺩ ﺍﻟﺴﻜﺎﻥ ﻭﻧﺴﺒﺔ ﻟﻠﻴﺪ ﺍﻟﻌﺎﻣﻠﺔ ﺍﻟﻨﺸﻄﺔ‬
‫ﻓﻲ ﺍﻟﺠﺰﺍﺋﺮ ﻻ ﺗﺰﺍﻝ ﺍﻟﺨﺰﻳﻨﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ ﺗﺘﻜﻔﻞ ﺑﺘﻄﻬﻴﺮ ﻣﺤﺎﻓﻈﻬﺎ ﺳﻨﻮﻳﺎ ﺣﺴﺐ ﻳﻮﺿﺤﻪ ﺍﻟﺸﻜﻞ ﺃﺩﻧﺎﻩ‪.‬‬
‫ﺍﻟﻮﺣﺪﺓ‪ :‬ﻣﻠﻴﺎﺭ ﺩﺝ‬ ‫ﺑﺎﻟﺮﻏﻢ ﻣﻦ ﺍﻟﺘﻄﻮﺭ ﺍﻟﻤﺘﺰﺍﻳﺪ ﻟﻌﺪﺩ ﻫﺬﻩ ﺍﻟﻮﻛﺎﻻﺕ ﺇﻻ ﺃﻥ ﻣﺆﺷﺮ ﻋﺪﺩ ﺍﻟﻮﻛﺎﻻﺕ ﺍﻟﺒﻨﻜﻴﺔ ﻧﺴﺒﺔ ﻟﻌﺪﺩ‬
‫ﺍﻟﺴﻜﺎﻥ ﻻ ﻳﺰﺍﻝ ﺑﻌﻴﺪ ﻋﻦ ﺍﻟﻤﻌﺪﻝ ﺍﻟﻌﺎﻟﻤﻲ ﺍﻟﻤﻘﺪﺭ ﺑﺸﺒﺎﻙ ﺑﻨﻜﻲ ﻟﻜﻞ ‪ 10.000‬ﻣﻮﺍﻁﻦ ﻭﻫﺬﺍ ﻭﻓﻘﺎ‬
‫‪60‬‬ ‫‪55.2‬‬ ‫‪56.2 56.2‬‬ ‫ﻟﻨﻤﻮﺫﺝ ‪ Cameron‬ﺍﻟﺬﻱ ﻭﺿﻊ ﻋﺎﻡ ‪ ،1967‬ﻭﻗﺪ ﻁﻮﺭ ﻫﺬﺍ ﺍﻟﻨﻤﻮﺫﺝ ﻟﻸﺧﺬ ﺑﻌﻴﻦ ﺍﻻﻋﺘﺒﺎﺭ ﺍﻟﻴﺪ‬
‫‪51.2 51.2‬‬
‫‪50‬‬ ‫ﺍﻟﻌﺎﻟﻤﺔ ﺍﻟﻨﺸﻄﺔ ﻓﻘﻂ@‪ ،>22‬ﻓﻨﺴﺒﺔ ﻫﺬﻩ ﺍﻷﺧﻴﺮﺓ ﺇﻟﻰ ﻋﺪﺩ ﺍﻟﺸﺒﺎﺑﻴﻚ ﺍﻟﺒﻨﻜﻴﺔ ﺗﺤﺴﻨﺖ ﺑﺪﻭﺭﻫﺎ‪ ،‬ﻭﻫﻲ‬
‫ﻣﺆﺷﺮﺍﺕ ﻋﻠﻰ ﺗﺤﺴﻦ ﺍﻟﺼﻴﺮﻓﺔ ﻣﻦ ﻫﺬﺍ ﺍﻟﻤﻨﻈﻮﺭ‪.‬‬
‫‪40‬‬
‫ﻳﺘﻴﺢ ﺗﻮﺳﻊ ﺍﻟﺒﻨﻮﻙ ﻓﻲ ﻋﺪﺩ ﻭﻛﺎﻻﺗﻬﺎ ﻋﺒﺮ ﺍﻟﻮﻁﻦ ﺇﺗﺎﺣﺔ ﺃﻛﺒﺮ ﻗﺪﺭ ﻣﻤﻜﻦ ﻣﻦ ﻣﻨﺘﺠﺎﺗﻬﺎ ﻟﻠﺰﺑﺎﺋﻦ‬
‫‪30‬‬ ‫‪25.2 25.2 25.2‬‬
‫ﻭﻳﺠﻌﻠﻬﺎ ﻗﺎﺩﺭﺓ ﻋﻠﻰ ﺗﺤﻘﻴﻖ ﺃﻫﺪﺍﻓﻬﺎ ﺑﻜﻔﺎءﺓ ﻭﻓﻌﺎﻟﻴﺔ ﺃﻛﺒﺮ‪ ،‬ﻭﻫﺬﺍ ﻣﺎ ﻳﺘﻴﺢ ﺍﻟﻤﺠﺎﻝ ﻟﺘﻄﻮﻳﺮ ﺃﻫﺪﺍﻑ‬
‫‪20‬‬ ‫‪15.2‬‬ ‫ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪.‬‬
‫‪10‬‬
‫‪0‬‬
‫‪0‬‬
‫‪00 200‬‬
‫‪2000‬‬ ‫‪20‬‬
‫‪2‬‬ ‫‪001 2‬‬
‫‪00‬‬
‫‪2001‬‬ ‫‪200‬‬
‫‪20‬‬‫‪0 2 2003 2004 2005 2006 2007 2008 2009‬‬
‫‪2002‬‬

‫اﻟﻤﻌﻠوﻤﺎت‬
‫ﺍﻟﺸﻜﻞ‪ - 11 .‬ﺣﺠﻢ‬ ‫‪ .7.4‬ﻫﻮﺍﻣﺶ ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ‬
‫اﻻﺴﺘﺜﻤﺎر‬ ‫اﻻدﺨﺎر‬ ‫ﺍﻟﻘﺮﻭﺽ ﺍﻟﺮﺩﻳﺌﺔ ﺍﻟﻤﺸﺘﺮﺍﺓ‬
‫ﻣﻦ ﻁﺮﻑ ﺍﻟﺨﺰﻳﻨﺔ‬ ‫ﺗﺘﻮﺯﻉ ﻫﻮﺍﻣﺶ ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ )ﺍﻟﻤﺮﺩﻭﺩﻳﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ( ﻟﻠﺒﻨﻮﻙ ﻋﻠﻰ ﺧﻤﺴﺔ ﻣﻘﺎﻁﻊ ﺃﺳﺎﺳﻴﺔ‬
‫@‪>23‬‬
‫ﺍﻟﻌﻤﻮﻣﻴﺔ‬ ‫ﻭﻳﻈﻬﺮ ﺑﺸﻜﻞ ﻭﺍﺿﺢ ﻓﻲ ﺍﻟﺠﺪﻭﻝ ﺃﺩﻧﺎﻩ ﺗﻨﻮﻳﻊ ﻫﺬﻩ ﺍﻟﻤﻘﺎﻁﻊ ﻓﻲ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺨﺎﺻﺔ ﻭﺇﻥ ﻛﺎﻥ ﺗﺮﻛﻴﺰﻫﺎ‬
‫اﻟوﺴﺎطﺔ اﻟﻤﺼرﻓﻴﺔﺔ‬ ‫ﻋﻠﻰ ﺍﻟﻌﻤﻠﻴﺎﺕ ﻣﻊ ﺍﻟﺰﺑﺎﺋﻦ ﺃﻛﺒﺮ ﻣﻘﺎﺭﻧﺔ ﺑﺒﺎﻗﻲ ﺍﻟﻤﻘﺎﻁﻊ ﺍﻷﺧﺮﻯ‪ ،‬ﻭﻗﺪ ﺳﺠﻠﺖ ﺍﻟﺒﻨﻮﻙ ﺍﻟﻌﻤﻮﻣﻴﺔ‬
‫ﻗﺎﻣﺖ ﺍﻟﺨﺰﻳﻨﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ‬ ‫ﻭﺍﻟﺨﺎﺻﺔ ﻧﺴﺒﺎ ﻣﺘﻘﺎﺭﺑﺔ ﻁﻮﺍﻝ ﺍﻟﻔﺘﺮﺓ ‪ ،2009-2005‬ﺑﻴﻨﻤﺎ ﺳﺠﻠﺖ ﺍﻟﺒﻨﻮﻙ ﺍﻟﻌﻤﻮﻣﻴﺔ ﺗﺰﺍﻳﺪﺍ ﻣﻠﺤﻮﻅﺎ‬
‫اﻟﺴﻴﺎﺴﺔ‬
‫اﻟﻤؤﺴﺴﺎت‬
‫اﻟﻨﻘدﻴﺔ‬ ‫ﺑﺘﻄﻬﻴﺮ ﻣﺤﺎﻓﻆ ﺍﻟﺒﻨﻮﻙ‬
‫اﻟﻤﺎﻟﻴﺔ‬
‫واﻻﺤﺘ ارزﻴﺔ‬
‫اﻟﺴوق‬
‫اﻟﻤﺎﻟﻴﺔ‬
‫‪52‬‬ ‫‪ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 46–53‬‬

‫ﺍﻟﻤﺨﻄﻂ‪ - 01 .‬ﻋﻨﺎﺻﺮ ﺗﺪﻋﻴﻢ ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ‬ ‫ﺍﻟﻌﻤﻮﻣﻴﺔ ﺑﻤﺒﻠﻎ ﻓﺎﻕ ‪ 360‬ﻣﻠﻴﺎﺭ ﺩﺝ ﺧﻼﻝ ﺍﻟﻔﺘﺮﺓ )‪ ،(2009-2000‬ﻭﺗﺴﺘﻬﺪﻑ ﺍﻟﺨﺰﻳﻨﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ ﻣﻦ‬
‫ﺧﻼﻝ ﻫﺬﻩ ﺍﻟﻌﻤﻠﻴﺔ ﺗﺤﻘﻴﻖ ﻣﺠﻤﻮﻋﺔ ﻣﻦ ﺍﻷﻫﺪﺍﻑ ﺃﻫﻤﻬﺎ ﺗﻤﻜﻴﻦ ﺍﻟﺒﻨﻮﻙ ﺍﻟﻌﻤﻮﻣﻴﺔ ﻣﻦ ﻣﻤﺎﺭﺳﺔ‬
‫ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﻓﻲ ﺃﺣﺴﻦ ﺍﻟﻈﺮﻭﻑ‪ ،‬ﺑﺎﻹﺿﺎﻓﺔ ﺇﻟﻰ ﺗﻤﻜﻴﻨﻬﺎ ﻣﻦ ﺍﻟﻮﻓﺎء ﺑﺎﻟﺘﺰﺍﻣﺎﺗﻬﺎ ﺍﻟﺮﻗﺎﺑﻴﺔ‬
‫ﺇﻥ ﺍﻟﺒﺤﺚ ﻓﻲ ﺳﺒﻞ ﺗﺪﻋﻴﻢ ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﻓﻲ ﺍﻟﻨﻈﺎﻡ ﺍﻟﻤﺼﺮﻓﻲ ﺍﻟﺠﺰﺍﺋﺮﻱ ﻳﻠﻘﻲ ﺍﻟﻤﺴﺆﻭﻟﻴﺔ –‬ ‫ﻭﺍﻻﺣﺘﺮﺍﺯﻳﺔ ﻭﺗﺄﻫﻴﻞ ﺃﻣﻮﺍﻟﻬﺎ ﺍﻟﺬﺍﺗﻴﺔ‪ ،‬ﻭﻗﺪ ﺗﺼﺪﺭﺕ ﺍﻟﺠﺰﺍﺋﺮ ﺣﺴﺐ ﻣﺠﻠﺔ "ﻣﻴﺪ" ﻗﺎﺋﻤﺔ ﺍﻟﺪﻭﻝ ﺍﻟﻌﺮﺑﻴﺔ‬
‫ﻓﻲ ﺟﺰء ﻛﺒﻴﺮ ﻣﻨﻬﺎ – ﻋﻠﻰ ﺍﻟﺒﻨﻮﻙ ﺍﻟﻌﻤﻮﻣﻴﺔ ﺍﻟﻤﻬﻴﻤﻨﺔ ﻋﻠﻰ ﺃﻫﻢ ﺍﻟﻤﺆﺷﺮﺍﺕ ﺍﻟﻤﺼﺮﻓﻴﺔ‪ ،‬ﻭﻋﻠﻴﻪ ﻓﺎﻥ‬ ‫ﻟﻨﺴﺒﺔ ﺍﻟﻘﺮﻭﺽ ﺍﻟﻤﺘﻌﺜﺮﺓ ﻟﺴﻨﺔ ‪ 2010‬ﺑﻨﺴﺒﺔ ﺑﻠﻐﺖ ‪ ،35.5%‬ﻭﺟﺎءﺕ ﻣﻮﺭﻳﺘﺎﻧﻴﺎ ﻓﻲ ﺍﻟﻤﺮﻛﺰ ﺍﻟﺜﺎﻧﻲ‬
‫ﺍﻟﺤﺎﺟﺔ ﺗﺒﺪﻭ ﻣﻠﺤﺔ ﺇﻟﻰ ﻭﺟﻮﺩ ﺑﺪﺍﺋﻞ ﻟﻬﺬﻩ ﺍﻟﺒﻨﻮﻙ ﻟﺘﺨﻔﻴﻒ ﺍﻟﻌﺐء ﺍﻟﺘﻤﻮﻳﻠﻲ ﻋﻠﻴﻬﺎ ﻋﻦ ﻁﺮﻳﻖ ﺣﺚ‬ ‫ﺑﻨﺴﺒﺔ ‪ ،27.2%‬ﻭﺍﻟﺴﻮﺩﺍﻥ ﻓﻲ ﺍﻟﻤﺮﻛﺰ ﺍﻟﺜﺎﻟﺚ ﺑﻨﺴﺒﺔ ‪ ،23.5%‬ﻭﻟﻴﺒﻴﺎ ﻓﻲ ﺍﻟﻤﺮﻛﺰ ﺍﻟﺮﺍﺑﻊ ﺑﻨﺴﺒﺔ‬
‫ﺍﻟﺒﻨﻮﻙ ﺍﻟﺨﺎﺻﺔ ﺑﺄﻥ ﺗﻀﻄﻠﻊ ﺑﺪﻭﺭ ﺃﻛﺒﺮ ﻣﻤﺎ ﻫﻮ ﻋﻠﻴﻪ ﻓﻲ ﻣﺠﺎﻝ ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ‪ ،‬ﻭﻓﻲ ﻧﻔﺲ‬ ‫‪ ،20.2%‬ﻭﺗﻮﻧﺲ ﻓﻲ ﺍﻟﻤﺮﻛﺰ ﺍﻟﺴﺎﺩﺱ ﺑﻨﺴﺒﺔ ‪ ،15.5%‬ﻭﻣﺼﺮ ﻓﻲ ﺍﻟﻤﺮﻛﺰ ﺍﻟﺴﺎﺑﻊ ﺑﻨﺴﺒﺔ ‪،14.8%‬‬
‫ﺍﻻﺗﺠﺎﻩ ﻻﺑﺪ ﻣﻦ ﻓﺘﺢ ﺍﻟﻤﺠﺎﻝ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺗﻘﺪﻳﻢ ﺍﻟﺘﻤﻮﻳﻞ ﻟﻸﻋﻮﺍﻥ ﺍﻻﻗﺘﺼﺎﺩﻳﻴﻦ ﺳﻮﺍء ﺍﻟﺘﺎﺑﻌﺔ‬ ‫ﻭﺟﺎءﺕ ﺍﻟﻤﻐﺮﺏ ﻓﻲ ﺍﻟﻤﺮﻛﺰ ﺍﻟﺘﺎﺳﻊ ﺑﻨﺴﺒﺔ ‪.>24@6%‬‬
‫ﻟﻠﻘﻄﺎﻉ ﺍﻟﻤﺼﺮﻓﻲ )ﻣﺆﺳﺴﺎﺕ ﻣﺎﻟﻴﺔ ﻏﻴﺮ ﻣﺼﺮﻓﻴﺔ( ﺃﻭ ﻟﻠﻘﻄﺎﻉ ﺍﻟﻤﺎﻟﻲ )ﺷﺮﻛﺎﺕ ﺍﻟﺘﺄﻣﻴﻦ(‪ ،‬ﻛﻤﺎ ﻳﻌﺪ‬ ‫ﺗﺠﺪ ﺍﻟﺒﻨﻮﻙ ﻧﻔﺴﻬﺎ ﻣﻘﻴﺪﺓ ﻓﻲ ﻧﺸﺎﻁﻬﺎ ﺍﻟﺘﻤﻮﻳﻠﻲ ﺣﻴﺚ ﺗﻘﻊ ﺗﺤﺖ ﻁﺎﺋﻠﺔ ﻣﺠﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻤﺘﻄﻠﺒﺎﺕ‬
‫ﺗﺤﺮﻳﻚ ﻋﺠﻠﺔ ﺍﻟﺴﻮﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺍﻟﺠﺰﺍﺋﺮ ﻣﻦ ﺃﻫﻢ ﺍﻷﻭﻟﻮﻳﺎﺕ ﺍﻟﻮﺍﺟﺐ ﺗﺤﻘﻴﻘﻬﺎ‪.‬‬ ‫ﺍﻟﺮﻗﺎﺑﻴﺔ ﻭﺍﻻﺣﺘﺮﺍﺯﻳﺔ‪ ،‬ﻓﺎﻟﺘﻤﻮﻳﻞ ﺍﻟﻤﺼﺮﻓﻲ ﻳﻨﺘﺞ ﻣﺠﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻤﺨﺎﻁﺮ ﻭﺍﻟﺘﻮﺳﻊ ﻓﻴﻪ ﻳﺘﻄﻠﺐ ﺗﻮﻓﺮ‬
‫ﻛﻤﺎ ﺗﺤﺘﺎﺝ ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﺇﻟﻰ ﻣﺴﺎﻧﺪﺓ ﺍﻟﺨﺰﻳﻨﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ )ﻟﻠﺒﻨﻮﻙ ﺍﻟﻌﻤﻮﻣﻴﺔ ﺗﺤﺪﻳﺪﺍ( ﻭﺑﻨﻚ‬ ‫ﺍﻟﺒﻨﻮﻙ ﻋﻠﻰ ﺭﺅﻭﺱ ﺃﻣﻮﺍﻝ ﻛﺎﻓﻴﺔ ﻟﻤﻮﺍﺟﻬﺔ ﺗﺰﺍﻳﺪ ﺣﺠﻢ ﺍﻟﻤﺨﺎﻁﺮ ﻛﻤﺎ ﺗﻮﺟﺪ ﻣﺠﻤﻮﻋﺔ ﻣﻦ ﻣﺆﺷﺮﺍﺕ‬
‫ﺍﻟﺠﺰﺍﺋﺮ‪ ،‬ﻓﺎﻷﻭﻟﻰ ﻻ ﺗﺰﺍﻝ ﻣﻠﺠﺄ ﻣﻬﻢ ﻟﻠﺒﻨﻮﻙ ﺍﻟﻌﻤﻮﻣﻴﺔ ﻓﻲ ﺗﻄﻬﻴﺮ ﻣﺤﺎﻓﻈﻬﺎ ﻣﻦ ﺍﻟﻘﺮﻭﺽ ﺍﻟﺮﺩﻳﺌﺔ‪،‬‬ ‫ﺍﻟﻤﺘﺎﻧﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﻳﺠﺐ ﺍﺣﺘﺮﺍﻣﻬﺎ‪.‬‬
‫ﻭﺍﻟﺜﺎﻧﻲ ﻟﻪ ﺍﻟﺴﻠﻄﺔ ﻓﻲ ﺗﺤﺪﻳﺪ ﺳﻴﺎﺳﺔ ﻧﻘﺪﻳﺔ ﻭﺍﺣﺘﺮﺍﺯﻳﺔ ﻟﻬﺎ ﺗﺄﺛﻴﺮﻫﺎ ﻋﻠﻰ ﺩﻭﺭ ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ‪.‬‬
‫ﺇﺫﺍ ﻛﺎﻧﺖ ﺍﻟﻌﻨﺎﺻﺮ ﺍﻟﺴﺎﺑﻖ ﺫﻛﺮﻫﺎ ﺗﺪﺧﻞ ﺿﻤﻦ ﺍﻹﻁﺎﺭ ﺍﻟﺨﺎﺭﺟﻲ ﺍﻟﺪﺍﻋﻢ ﻟﻮﺳﺎﻁﺔ ﻣﺼﺮﻓﻴﺔ ﻓﻌﺎﻟﺔ‬
‫ﻭﻧﺎﺟﻌﺔ ﻣﻦ ﺧﻼﻝ ﺣﺠﻢ ﺍﻟﺘﺄﺛﻴﺮ ﺍﻟﺬﻱ ﻳﻤﻜﻦ ﺃﻥ ﺗﻤﺎﺭﺳﻪ ﺳﻴﺎﺳﺎﺕ ﻭﺗﻮﺟﻬﺎﺕ ﻫﺬﻩ ﺍﻟﻌﻨﺎﺻﺮ‪ ،‬ﺗﺒﻘﻰ‬
‫ﻣﺠﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻌﻨﺎﺻﺮ ﺍﻟﺪﺍﺧﻠﻴﺔ ﺍﻟﻤﺘﻌﻠﻘﺔ ﺑﻮﺍﺟﺒﺎﺕ ﻭﺃﻋﻤﺎﻝ ﺍﻟﺒﻨﻮﻙ ﻧﻔﺴﻬﺎ ﺗﺠﺎﻩ ﺗﻄﻮﻳﺮ ﺃﺩﺍﺋﻬﺎ ﻓﻲ‬
‫ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ‪ ،‬ﻭﻋﻠﻴﻪ ﻧﺮﻯ ﺃﻧﻪ ﻹﺣﺪﺍﺙ ﻣﺴﺘﻮﻯ ﺍﻟﺘﻄﻮﻳﺮ ﺍﻟﻤﻨﺸﻮﺩ ﻻﺑﺪ ﻋﻠﻰ ﺍﻟﺒﻨﻮﻙ ﻣﻦ ﺗﻨﺸﻴﻂ‬
‫ﻭﺗﻨﻮﻳﻊ ﻗﻨﻮﺍﺕ ﺍﻻﺩﺧﺎﺭ ﻭﺍﻹﻳﺪﺍﻉ‪ ،‬ﻭﻓﻲ ﺍﻟﻤﻘﺎﺑﻞ ﻣﻦ ﺍﻟﻀﺮﻭﺭﻱ ﺍﺳﺘﻴﻌﺎﺏ ﺣﺠﻢ ﺍﻟﻤﺪﺧﺮﺍﺕ ﻭﺍﻟﻮﺩﺍﺋﻊ‬
‫ﻓﻲ ﻣﺸﺎﺭﻳﻊ ﺍﺳﺘﺜﻤﺎﺭﻳﺔ ﻣﻨﺘﺠﺔ ﺣﻴﺚ ﺗﻈﻬﺮ ﻛﻔﺎءﺓ ﻋﻤﻠﻴﺔ ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﻣﻦ ﺧﻼﻝ ﻋﻮﺍﺋﺪ ﻭﻧﺠﺎﺡ‬
‫ﺍﻟﻤﺸﺎﺭﻳﻊ ﺍﻟﻤﻤﻮﻟﺔ‪.‬‬ ‫‪68.30%‬‬ ‫‪67.80%‬‬
‫‪80.00%‬‬
‫‪54.00%‬‬ ‫‪56.10%‬‬ ‫‪57.70%‬‬
‫‪49.30%‬‬
‫‪60.00%‬‬
‫‪35.70%‬‬ ‫‪34.80%‬‬ ‫‪35.50%‬‬
‫‪40.00%‬‬ ‫‪22.10%‬‬ ‫‪25.40%‬‬ ‫‪21.60%‬‬ ‫‪22.10%‬‬
‫‪19.20%‬‬ ‫‪17.50%‬‬
‫‪15.70%‬‬ ‫‪14.50%‬‬ ‫‪14.90%‬‬
‫‪20.00%‬‬
‫‪16.50%‬‬
‫‪17.30%‬‬ ‫‪13.40%‬‬ ‫‪9.80%‬‬ ‫‪7.10%‬‬ ‫‪7.20%‬‬
‫‪0.00%‬‬
‫ﺍﻟﻤﺨﻄﻂ‪ - 02 .‬ﻣﺴﺎﺭ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‬ ‫‪2005‬‬ ‫‪2006‬‬ ‫‪2007‬‬ ‫‪2008‬‬ ‫‪2009‬‬ ‫‪Jun/10‬‬

‫ﺍﻟﻘﺭﻭﺽ ﺍﻟﻣﺻﻧﻔﺔ ‪ /‬ﻣﺟﻣﻭﻉ ﺍﻟﻘﺭﻭﺽ‬

‫ﺍﻟﻘﺭﻭﺽ ﻏﻳﺭ ﺍﻟﻣﻧﺗﺟﺔ ‪ /‬ﻣﺟﻣﻭﻉ ﺍﻟﻘﺭﻭﺽ‬

‫ﻳﺒﻘﻰ ﻋﻨﺼﺮ ﻣﻬﻢ ﻓﻲ ﻋﻤﻠﻴﺔ ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﻭﻟﻪ ﻋﻼﻗﺔ ﻣﺒﺎﺷﺮﺓ ﺑﺎﻟﺒﻨﻮﻙ ﺃﻻ ﻭﻫﻮ ﻋﻨﺼﺮ‬
‫ﻗﺭﻭﺽ ﺍﺧﺭﻯ ﻣﺻﻧﻔﺔ ‪ /‬ﻣﺟﻣﻭﻉ ﺍﻟﻘﺭﻭﺽ‬
‫ﺍﻟﻤﻌﻠﻮﻣﺎﺕ‪ ،‬ﻓﺎﻟﺒﻨﻮﻙ ﺑﻮﺻﻔﻬﺎ ﻣﺠﻤﻊ ﻟﻠﻤﻌﻠﻮﻣﺎﺕ ﺳﻮﺍء ﺍﻟﻤﺘﻌﻠﻘﺔ ﺑﺎﻟﻤﻮﺩﻋﻴﻦ ﺃﻭ ﺍﻟﻤﻘﺘﺮﺿﻴﻦ ﺗﻮﺍﺟﻪ ﻓﻲ‬
‫ﺍﻟﻮﻗﺖ ﺫﺍﺗﻪ ﻣﺸﻜﻠﺔ ﻋﺪﻡ ﺗﻤﺎﺛﻞ ﺍﻟﻤﻌﻠﻮﻣﺎﺕ ﻧﺘﻴﺠﺔ ﺗﻀﺎﺭﺏ ﺍﻟﻤﺼﺎﻟﺢ ﻭﺗﻌﺪﺩ ﺍﻟﻌﻼﻗﺎﺕ ﺑﻴﻦ ﺍﻟﻤﺘﻌﺎﻣﻠﻴﻦ‬ ‫ﺍﻟﻣﺅﻭﻧﺎﺕ ‪ /‬ﺍﻟﻘﺭﻭﺽ ﺍﻟﻣﺻﻧﻔﺔ‬

‫ﻣﻊ ﻣﻌﻬﺎ‪ ،‬ﻭﻋﻠﻴﻪ ﺗﺘﻮﻗﻒ ﻓﻌﺎﻟﻴﺔ ﺍﻟﺒﻨﻮﻙ ﻋﻠﻰ ﻧﻮﻋﻴﺔ ﻭﻛﻤﻴﺔ ﺍﻟﻤﻌﻠﻮﻣﺎﺕ ﺍﻟﻤﺠﻤﻌﺔ ﻭﻣﻌﺎﻟﺠﺘﻬﺎ ﻟﻠﺮﻓﻊ ﻣﻦ‬
‫ﺣﺠﻢ ﺍﻟﻤﺪﺧﺮﺍﺕ ﻭﺍﻟﻮﺩﺍﺋﻊ ﻭﺗﺼﺮﻳﻔﻬﺎ ﻓﻲ ﻗﻨﻮﺍﺕ ﺍﺳﺘﺜﻤﺎﺭﻳﺔ ﻣﻨﺘﺠﺔ‪.‬‬
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‫ﺍﻟﺸﻜﻞ‪ - 12 .‬ﻣﺆﺷﺮﺍﺕ ﺍﻟﻤﺘﺎﻧﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ‬

‫ﺃﺧﺬﺕ ﻧﺴﺒﺔ ﺍﻟﻘﺮﻭﺽ ﺍﻟﻤﺼﻨﻔﺔ ﻣﻦ ﻣﺠﻤﻮﻉ ﺍﻟﻘﺮﻭﺽ ﻣﻨﺤﻰ ﻣﺘﻨﺎﻗﺺ ﺇﻻ ﺃﻧﻪ ﻳﺼﻌﺐ ﺍﻟﺤﻜﻢ ﻋﻠﻰ‬
‫ﺫﻟﻚ ﺑﺎﻧﺨﻔﺎﺽ ﺣﺠﻢ ﺍﻟﻤﺨﺎﻁﺮ ﺍﻟﻤﺮﺗﺒﻂ ﺑﺎﻟﻘﺮﻭﺽ ﺍﻟﻤﻤﻨﻮﺣﺔ‪ ،‬ﺧﺼﻮﺻﺎ ﺃﻥ ﺣﺼﺔ ﺍﻟﻤﺆﻭﻧﺎﺕ‬
‫ﺍﻟﻤﺨﺼﺼﺔ ﻟﻤﻮﺍﺟﻬﺔ ﻣﺨﺎﻁﺮ ﺍﻟﻘﺮﻭﺽ ﺍﻟﻤﺼﻨﻔﺔ ﺍﺭﺗﻔﻌﺖ ﺧﻼﻝ ﻧﻔﺲ ﺍﻟﻔﺘﺮﺓ ﻓﻲ ﺇﺷﺎﺭﺓ ﺇﻟﻰ ﺍﻟﺘﻄﻮﺭ‬
‫ﺍﻟﻨﻮﻋﻲ ﻟﺤﺠﻢ ﺍﻟﻤﺨﺎﻁﺮ‪ ،‬ﻛﻤﺎ ﻳﻮﺿﺢ ﺍﻟﺸﻜﻞ ﺃﻋﻼﻩ ﺍﺳﺘﻘﺮﺍﺭ ﻧﺴﺒﺔ ﺍﻟﻘﺮﻭﺽ ﻏﻴﺮ ﺍﻟﻤﻨﺘﺠﺔ ﺧﻼﻝ‬
‫ﺍﻟﺜﻼﺙ ﺳﻨﻮﺍﺕ ﺍﻷﺧﻴﺮﺓ ﻓﻲ ﺣﺪﻭﺩ ‪.%15‬‬

‫‪ .5‬ﺳﺒﻞ ﺗﺪﻋﻴﻢ ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﻓﻲ ﺍﻟﺠﺰﺍﺋﺮ‪:‬‬

‫‪ .6‬ﺍﻟﺨﺎﺗﻤﺔ‪:‬‬
‫ﺗﺒﻘﻰ ﺍﻟﺒﻨﻮﻙ ﻣﺼﺪﺭ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺮﺋﻴﺴﻲ ﻓﻲ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﺠﺰﺍﺋﺮﻱ ﻭﺗﻀﻄﻠﻊ ﺑﻬﺬﺍ ﺍﻟﺪﻭﺭ ﺑﺸﻜﻞ ﺃﺳﺎﺳﻲ‬
‫ﺗﻤﻜﻨﺎ ﻣﻦ ﺧﻼﻝ ﺩﺭﺍﺳﺘﻨﺎ ﻟﻤﻮﺿﻮﻉ ﻫﺬﺍ ﺍﻟﺒﺤﺚ ﻣﻦ ﺭﺻﺪ ﻣﺠﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻨﺘﺎﺋﺞ ﺍﻟﺘﻲ ﻋﻠﻰ ﺃﺳﺎﺳﻬﺎ‬ ‫ﺍﻟﺒﻨﻮﻙ ﺍﻟﻌﻤﻮﻣﻴﺔ ﻓﻲ ﻅﻞ ﻗﻄﺎﻉ ﻣﺼﺮﻓﻲ ﺧﺎﺹ ‪ -‬ﻧﺎﺷﺊ ‪ -‬ﻣﻬﺘﻢ ﺑﺎﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﻘﺼﻴﺮﺓ ﺍﻷﺟﻞ ﺫﺍﺕ‬
‫ﻗﻤﻨﺎ ﺑﺎﺧﺘﺒﺎﺭ ﺍﻟﻔﺮﺿﻴﺎﺕ‪ ،‬ﻭﻋﻠﻴﻪ ﺛﺒﺖ ﻟﻨﺎ ﺻﺤﺔ ﻭﻧﻔﻲ ﺍﻟﻔﺮﺿﻴﺎﺕ ﻭﻓﻖ ﺍﻟﺸﻜﻞ ﺍﻟﺘﺎﻟﻲ‪:‬‬ ‫ﺍﻟﻌﺎﺋﺪ ﺍﻟﺴﺮﻳﻊ‪ ،‬ﻛﻤﺎ ﻳﻘﺘﺼﺮ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺬﻱ ﺗﻤﻨﺤﻪ ﻋﻠﻰ ﻗﺮﻭﺽ ﺍﻻﺳﺘﻬﻼﻙ‪ ،‬ﻣﻦ ﺟﺎﻧﺐ ﺁﺧﺮ ﻻ ﺗﺰﺍﻝ‬
‫ﺍﻟﻔﺮﺿﻴﺔ ﺍﻷﻭﻟﻰ ﺧﺎﻁﺌﺔ ﺣﻴﺚ ﻳﻘﻮﻡ ﺍﻟﻘﻄﺎﻉ ﺍﻟﻤﺼﺮﻓﻲ ﺍﻟﺠﺰﺍﺋﺮﻱ ﺑﺪﻭﺭ ﺗﻤﻮﻳﻠﻲ ﻣﻬﻢ ﻭﻟﻜﻦ‬ ‫‪-‬‬ ‫ﺍﻟﺴﻮﻕ ﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺍﻟﺠﺰﺍﺋﺮ ﺑﻌﻴﺪﺓ ﺗﻤﺎﻣﺎ ﻋﻦ ﺍﻟﺪﻭﺭ ﺍﻟﺘﻤﻮﻳﻠﻲ ﺍﻟﻤﻨﺘﻈﺮ ﻣﻨﻬﺎ‪.‬‬
‫ﻟﻴﺲ ﻟﻤﺨﺘﻠﻒ ﻣﺆﺳﺴﺎﺕ ﺍﻟﻘﻄﺎﻉ ﺍﻻﻗﺘﺼﺎﺩﻱ ﻓﻲ ﺍﻟﺠﺰﺍﺋﺮ‪ ،‬ﻓﻘﻄﺎﻉ ﺍﻟﻤﺤﺮﻭﻗﺎﺕ )ﻣﻜﻮﻥ‬
‫ﺭﺋﻴﺴﻲ ﻓﻲ ﺍﻻﻗﺘﺼﺎﺩ ﺍﻟﺠﺰﺍﺋﺮﻱ( ﻳﻌﺘﻤﺪ ﺑﺸﻜﻞ ﺃﺳﺎﺳﻲ ﻋﻠﻰ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺬﺍﺗﻲ‪.‬‬
‫ﺍﻟﻔﺮﺿﻴﺔ ﺍﻟﺜﺎﻧﻴﺔ ﺧﺎﻁﺌﺔ ﺣﻴﺚ ﺗﺮﺗﺒﻂ ﻣﺆﺷﺮﺍﺕ ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﻟﻠﺒﻨﻮﻙ ﺍﻟﺠﺰﺍﺋﺮﻳﺔ‬ ‫‪-‬‬
‫ﺑﻨﺘﺎﺋﺞ ﻗﻄﺎﻉ ﺍﻟﻤﺤﺮﻭﻗﺎﺕ‪ ،‬ﻭﺃﻥ ﺗﻮﺍﻓﻘﻬﺎ ﻓﻲ ﺑﻌﺾ ﺍﻟﺤﺎﻻﺕ ﻣﻊ ﺍﻟﻤﺆﺷﺮﺍﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‬
‫ﺫﺍﺕ ﺍﻟﻌﻼﻗﺔ ﻻ ﻳﻌﻨﻲ ﺑﺎﻟﻀﺮﻭﺭﺓ ﺃﺩﺍء ﻓﻌﺎﻝ ﻟﻠﺒﻨﻮﻙ‪.‬‬
‫ﺍﻟﻔﺮﺿﻴﺔ ﺍﻟﺜﺎﻟﺜﺔ ﺻﺤﻴﺤﺔ ﺇﺫ ﺗﺴﺘﻔﻴﺪ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺠﺰﺍﺋﺮﻳﺔ ﻣﻦ ﻣﺴﺎﻧﺪﺓ ﻗﻮﻳﺔ ﻟﻠﻤﺆﺳﺴﺎﺕ ﺍﻟﻤﺎﻟﻴﺔ‬ ‫‪-‬‬
‫ﻋﻠﻰ ﻏﺮﺍﺭ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ ﻭﺍﻟﺨﺰﻳﻨﺔ ﺍﻟﻌﻤﻮﻣﻴﺔ ﻓﻲ ﺗﺪﻋﻴﻢ ﻧﺸﺎﻁﻬﺎ ﺍﻟﺘﻤﻮﻳﻠﻲ ‪ -‬ﻭﻫﺬﺍ ﻣﺎ ﻳﺆﻛﺪ‬
‫ﻋﻠﻰ ﻧﺘﻴﺠﺔ ﺍﻟﻔﺮﺿﻴﺔ ﺍﻟﺜﺎﻧﻴﺔ – ﻭﻳﺘﻌﻠﻖ ﺍﻷﻣﺮ ﺑﺎﻷﺳﺎﺱ ﺑﺎﻟﺒﻨﻮﻙ ﺍﻟﻌﻤﻮﻣﻴﺔ‪.‬‬
‫ﺍﻟﻔﺮﺿﻴﺔ ﺍﻟﺮﺍﺑﻌﺔ ﺧﺎﻁﺌﺔ ﻓﺒﻘﺪﺭ ﺣﺎﺟﺔ ﻋﻤﻠﻴﺔ ﺍﻟﻮﺳﺎﻁﺔ ﺍﻟﻤﺼﺮﻓﻴﺔ ﻓﻲ ﺍﻟﺠﺰﺍﺋﺮ ﺇﻟﻰ‬ ‫‪-‬‬
‫ﻣﺸﺎﺭﻛﺔ ﺃﻁﺮﺍﻑ ﻭﻓﺎﻋﻠﻴﻦ ﺁﺧﺮﻳﻦ ﻳﻘﻮﻣﻮﻥ ﺑﺎﻟﺘﻤﻮﻳﻞ ﻓﻬﻲ ﺗﺤﺘﺎﺝ ﻛﺬﻟﻚ – ﻭﺑﻨﻔﺲ ﺍﻟﻘﺪﺭ –‬
‫ﺇﻟﻰ ﺇﺻﻼﺡ ﺩﺍﺧﻠﻲ‪.‬‬
 ‫‪ARAB ECONOMIC AND BUSINESS JOURNAL 9 (2014) 46–53‬‬ ‫‪53‬‬

‫@> ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﺒﺎﺣﺚ ﺍﻋﺘﻤﺎﺩﺍ ﻋﻠﻰ ﻣﻌﻄﻴﺎﺕ ﻣﺠﻤﻌﺔ ﻣﻦ ﺗﻘﺎﺭﻳﺮ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ ﺣﻮﻝ ﺗﻄﻮﺭﺍﺕ‬ ‫ﺍﻟﻤﺮﺍﺟﻊ‪:‬‬
‫ﺍﻟﻮﺿﻌﻴﺔ ﺍﻟﻨﻘﺪﻳﺔ ﻭﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺍﻟﺠﺰﺍﺋﺮ‪.2009-2005 ،‬‬
‫@> ﺟﻤﻴﻞ ﺳﺎﻟﻢ ﺍﻟﺰﻳﺪﺍﻧﻴﻦ‪ ،‬ﺃﺳﺎﺳﻴﺎﺕ ﻓﻲ ﺍﻟﺠﻬﺎﺯ ﺍﻟﻤﺎﻟﻲ‪ -‬ﺍﻟﻤﻨﻈﻮﺭ ﺍﻟﻌﻤﻠﻲ‪ ،‬ﺩﺍﺭ ﻭﺍﺋﻞ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﻟﻰ‪،‬‬ ‫@>‬
‫‪Association professionnelle tunisienne des banques et des établissements‬‬
‫ﻋﻤﺎﻥ‪ ،1999 ،‬ﺹ‪.124 :‬‬ ‫‪financiers, financement bancaire et croissance économique, fichier pdf, p: 05,‬‬
‫@> ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﺒﺎﺣﺚ ﺍﻋﺘﻤﺎﺩﺍ ﻋﻠﻰ ﻣﻌﻄﻴﺎﺕ ﻣﺠﻤﻌﺔ ﻣﻦ ﺗﻘﺎﺭﻳﺮ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ ﺣﻮﻝ ﺗﻄﻮﺭﺍﺕ ﺍﻟﻮﺿﻌﻴﺔ‬ ‫‪site web: www.apbt.org.tn‬‬
‫ﺍﻟﻨﻘﺪﻳﺔ ﻭﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺍﻟﺠﺰﺍﺋﺮ‪.2009-2001 ،‬‬ ‫@>‬
‫‪Diamond, Douglas W, Financial intermediation and delegated monitoring,‬‬
‫@> ‪ ،Croom‬ﺍﻟﻜﻮﻳﺖ ﺍﻟﺜﺎﻧﻴﺔ ﻋﺸﺮ ﻋﺮﺑﻴﺎ ﺑﺎﻟﻘﺮﻭﺽ ﺍﻟﻤﺘﻌﺜﺮﺓ"‪ ،‬ﻣﺠﻠﺔ ﻣﻴﺪ‪ ،‬ﻣﻦ ﺍﻟﻤﻮﻗﻊ ﺍﻻﻟﻜﺘﺮﻭﻧﻲ‪:‬‬ ‫‪1994.‬‬
‫‪www.w-tb.com/wtb/vb4/showthread‬‬ ‫‪consulté le : 23/03/2011.‬‬ ‫@>‬
‫‪Ramakrishman and Tchakor, de Levine Ross, Bank-Based or market based‬‬
‫@> ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﺒﺎﺣﺚ ﺑﺎﻻﻋﺘﻤﺎﺩ ﻋﻠﻰ ﻣﻌﻄﻴﺎﺕ ﻣﺄﺧﻮﺫﺓ ﻣﻦ‪:‬‬
‫‪financial systems: which is better?, 1984.‬‬
‫‪Fond monétaire international, ALGÉRIE Rapport des services du FMI pour les‬‬ ‫@>‬
‫‪Allen and Gale, de Levine Ross, Bank-Based or market based financial‬‬
‫‪consultations de 2010, rapport du FMI N0 11/39, Mars 2011, p: 16.‬‬
‫‪systems: which is better?, 1999.‬‬
‫@>‬
‫‪Bencienga, Valerie R. and Smith, Bruce D, Financial intermediation and‬‬
‫‪endogenous Growth, 1991.‬‬
‫@>‬
‫‪Sirri and Tufano, de Levine Ross, Bank-Based or market based financial‬‬
‫‪systems: which is better? , 1995.‬‬
‫@>‬
‫‪Association professionnelle tunisienne des banques et des établissements‬‬
‫‪financiers, op-cit, p: 11.‬‬
‫@>‬
‫ﻳﺮﺟﻊ ﺍﻻﺭﺗﻔﺎﻉ ﺍﻟﻤﺘﻮﺍﺿﻊ ﻟﺤﺠﻢ ﺍﻟﻤﻮﺟﻮﺩﺍﺕ ﺍﻟﺨﺎﺭﺟﻴﺔ ﺳﻨﺔ ‪ 2009‬ﻓﻲ ﺟﺰء ﻛﺒﻴﺮ ﻣﻨﻪ ﺇﻟﻰ ﺳﻌﺮ‬
‫ﺍﻟﺼﺮﻑ ﺩﻭﻻﺭ‪/‬ﺩﺝ‪.‬‬
‫@>‬
‫ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﺒﺎﺣﺚ ﺍﻋﺘﻤﺎﺩﺍ ﻋﻠﻰ ﻣﻌﻄﻴﺎﺕ ﻣﺠﻤﻌﺔ ﻣﻦ ﺗﻘﺎﺭﻳﺮ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ )ﺍﻟﺠﺪﺍﻭﻝ ﺍﻟﻤﻠﺤﻘﺔ( ﺣﻮﻝ‬
‫ﺗﻄﻮﺭﺍﺕ ﺍﻟﻮﺿﻌﻴﺔ ﺍﻟﻨﻘﺪﻳﺔ ﻭﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺍﻟﺠﺰﺍﺋﺮ‪.2009-2000 ،‬‬
‫‪>@ Rapport, évolution économique et monétaire en Algérie, 2009, p: 173.‬‬
‫@> ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﺒﺎﺣﺚ ﺍﻋﺘﻤﺎﺩﺍ ﻋﻠﻰ ﻣﻌﻄﻴﺎﺕ ﻣﺠﻤﻌﺔ ﻣﻦ ﺗﻘﺎﺭﻳﺮ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ )ﺍﻟﺠﺪﺍﻭﻝ ﺍﻟﻤﻠﺤﻘﺔ( ﺣﻮﻝ‬
‫ﺗﻄﻮﺭﺍﺕ ﺍﻟﻮﺿﻌﻴﺔ ﺍﻟﻨﻘﺪﻳﺔ ﻭﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺍﻟﺠﺰﺍﺋﺮ‪.2009-2000 ،‬‬
‫@> ﺍﻟﻤﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪.‬‬
‫@>‬
‫ﻣﺤﻤﻮﺩ ﺣﻤﺰﺓ ﺍﻟﺰﺑﻴﺪﻱ‪ ،‬ﺇﺩﺍﺭﺓ ﺍﻟﻤﺼﺎﺭﻑ – ﺇﺳﺘﺮﺍﺗﻴﺠﻴﺔ ﺗﻌﺒﺌﺔ ﺍﻟﻮﺩﺍﺋﻊ ﻭﺗﻘﺪﻳﻢ ﺍﻻﺋﺘﻤﺎﻥ‪ ،‬ﻣﺆﺳﺴﺔ‬
‫ﺍﻟﻮﺭﺍﻕ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﻟﻰ‪ ،2000 ،‬ﺹ ﺹ‪.149-144 :‬‬
‫@>‬
‫ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﺒﺎﺣﺚ ﺍﻋﺘﻤﺎﺩﺍ ﻋﻠﻰ ﻣﻌﻄﻴﺎﺕ ﻣﺠﻤﻌﺔ ﻣﻦ ﺗﻘﺎﺭﻳﺮ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ )ﺍﻟﺠﺪﺍﻭﻝ ﺍﻟﻤﻠﺤﻘﺔ( ﺣﻮﻝ‬
‫ﺗﻄﻮﺭﺍﺕ ﺍﻟﻮﺿﻌﻴﺔ ﺍﻟﻨﻘﺪﻳﺔ ﻭﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺍﻟﺠﺰﺍﺋﺮ‪.2009-2000 ،‬‬
‫@> ﺍﻟﻤﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪.‬‬
‫@> ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﺒﺤﺚ ﺍﻋﺘﻤﺎﺩﺍ ﻋﻠﻰ ﺗﻘﺮﻳﺮ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ ﻭﺑﻨﻚ ﺗﻮﻧﺲ ﻭﺑﻨﻚ ﺍﻟﻤﻐﺮﺏ‪.2009 ،‬‬
‫@> ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﺒﺎﺣﺚ ﺍﻋﺘﻤﺎﺩﺍ ﻋﻠﻰ ﻣﻌﻄﻴﺎﺕ ﻣﺠﻤﻌﺔ ﻣﻦ ﺗﻘﺎﺭﻳﺮ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ )ﺍﻟﺠﺪﺍﻭﻝ ﺍﻟﻤﻠﺤﻘﺔ( ﺣﻮﻝ‬
‫ﺗﻄﻮﺭﺍﺕ ﺍﻟﻮﺿﻌﻴﺔ ﺍﻟﻨﻘﺪﻳﺔ ﻭﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺍﻟﺠﺰﺍﺋﺮ‪.2009-2000 ،‬‬
‫@>‬
‫‪Taoufik Rajhi et Hatem Salah, Recherche de l’efficience et pouvoir de‬‬
‫‪marché des banques en Algérie: investigation empirique sur la période 2000-‬‬
‫‪07, feuille de recherche.‬‬
‫@> ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﺒﺎﺣﺚ ﺍﻋﺘﻤﺎﺩﺍ ﻋﻠﻰ ﻣﻌﻄﻴﺎﺕ ﻣﺠﻤﻌﺔ ﻣﻦ ﺗﻘﺎﺭﻳﺮ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ ﺣﻮﻝ ﺗﻄﻮﺭﺍﺕ ﺍﻟﻮﺿﻌﻴﺔ‬
‫ﺍﻟﻨﻘﺪﻳﺔ ﻭﺍﻟﻤﺎﻟﻴﺔ ﻓﻲ ﺍﻟﺠﺰﺍﺋﺮ‪.2009-2001 ،‬‬
‫@> ﺗﺪﺧﻞ ﻣﺤﺎﻓﻆ ﺑﻨﻚ ﺍﻟﺠﺰﺍﺋﺮ ﺃﻣﺎﻡ ﺍﻟﻤﺠﻠـﺲ ﺍﻟﺸﻌﺒﻲ ﺍﻟﻮﻁﻨﻲ ﺣﻮﻝ ﺗﻄﻮﺭﺍﺕ ﺍﻟﻮﺿﻌﻴﺔ ﺍﻟﻤﺎﻟﻴﺔ ﻭﺍﻟﻨﻘﺪﻳﺔ ﻓﻲ‬
‫‪:(2011/05/18‬‬ ‫ﻳﻮﻡ‬ ‫ﻋﻠﻴﻪ‬ ‫)ﺃﻁﻠﻊ‬ ‫ﺍﻻﻟﻜﺘﺮﻭﻧﻲ‬ ‫ﺍﻟﻤﻮﻗﻊ‬ ‫ﻣﻦ‬ ‫)ﺑﺎﻟﺘﺼﺮﻑ(‪،‬‬ ‫ﺍﻟﺠﺰﺍﺋﺮ‬
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