تحلیل فعالیة أدوات السیاسة النقدیة في ظل فائض السیولة المصرفیة

Abstract

: This paper deals with the analysis of monetary policy tools in light of the excess
liquidity of the banking sector in Algeria for the period 2000-2014.
Using the descriptive and analytical approach, the reality of the excess liquidity of the
banks was examined and the monetary policy tools used to counter the excess liquidity during
the period were presented and evaluated, such as the discount rate, compulsory reserves,
liquidity recovery tool and the liquidity deposit on the interest bearing deposit.
Through the study, we found that the discount rate instrument has not been effective since
the beginning of the liquidity surplus. The liquidity recovery tool, the cash deposit on interest
bearing deposits and the mandatory reserves, were effective and active in sterilizing excess
liquidity in order.