Bank of Algeria Sets New Rules for Factoring Activity
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The Bank of Algeria is the main bank of the country. It made a new rule about money services.
The rule is about factoring. Factoring is when a company sells its unpaid invoices to get money fast.
Companies often wait a long time for customers to pay their bills. Factoring helps them get cash now.
The Bank of Algeria said banks and other financial institutions can do this service. They must follow the new rule.
The rule explains how banks must do factoring. It is part of a new instruction from the bank.
This instruction can help companies get more finance. It can help small businesses grow.
The Bank of Algeria often makes rules like this. These rules help banks work in a safe way.
Vocabulary6 words
- Bank of Algeria
- the main bank that controls money in Algeria
- factoring
- selling unpaid bills to get money fast
- invoices
- papers that show money a customer must pay
- financial institutions
- places like banks that handle money
- instruction
- an official rule or order
- finance
- money for business use
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Quiz
Answer key
1. Selling unpaid invoices for fast cash 2. The Bank of Algeria 3. True
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Fill-in-the-blank listening
Play the audio again and fill in the missing words as you listen.
The ____ of Algeria is the main bank of the country. It made a new rule about money services.
The rule is about ____. Factoring is when a company sells its unpaid invoices to get money fast.
Companies often wait a long time for customers to pay their ____. Factoring helps them get cash now.
The Bank of Algeria said banks and other financial ____ can do this service. They must follow the new rule.
The rule explains how banks must do ____. It is part of a new instruction from the bank.
This instruction can help companies get more ____. It can help small businesses grow.
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