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Le Credoc à paiement différé dans le collimateur de la Banque d’Algérie - Algerie360
Le crédit documentaire à paiement différé auquel les importateurs ont de plus en plus en recours et en toute légalité est dans le collimateur de la Banque d’Algérie (BA) qui semble le rendre responsable d’un accroissement de la dette extérieure à court terme. La Banque centrale adresse une sommation aux banques et établissements financiers.
Dans une instruction datée du 9 décembre 2010 adressée aux banques et établissements financiers, dont maghrebemergent.info a obtenu une copie, la Direction générale des changes de la Banque d’Algérie constate que la « dette extérieure à court terme enregistre une croissance à un rythme non souhaitable ».
Sans mettre en cause un instrument en particulier, l’instruction adresse un rappel à l’ordre et demande que des dispositions soient prises pour contrer cette augmentation de la dette à court terme. L’instruction souligne que dans le cadre du suivi de « cet indicateur et afin d’éviter l’accroissement de cette dette à court terme de l’Algérie, alors que la stratégie adoptée en matière de désendettement a permis de réduire fortement la dette extérieure à moyen et long termes, nous vous invitions à prendre toutes dispositions nécessaires pour réduire ce type d’engagement ».
L’instruction n° 286 du 09.12.2010 demande, à titre de « première mesure » de ramener « l’encours de la dette à court terme à fin décembre 2010 au niveau enregistré à fin décembre 2009 ». L’instruction demande également que soit transmis à la Direction de la Dette extérieure, les informations « relatives aux débiteurs et aux conditions de mobilisations ».
Une vieille pratique
Selon des opérateurs, c’est la lettre de crédit, le fameux « Credoc », avec paiement différé qui serait à l’origine du gonflement de l’encours de la dette à court terme, objet des préoccupations de la Banque d’Algérie même si elle ne le désigne nommément. Dans les faits, il s’agit d’une pratique aussi vieille que le crédit documentaire lui-même. Dans le cadre de relations commerciales tout à fait banales, l’exportateur concède à l’importateur des différés de paiement – qui n’excédent pas en général 18 mois – pour tout ou partie d’une transaction réglée par crédit documentaire, L’exportateur négocie avec sa banque pour être payé cash contre présentation des documents d’expédition.
Dans ce schéma, la banque de l’exportateur moyennant une rémunération – intégrée dans le prix de la transaction commerciale – assure de fait le financement. Dans le crédit documentaire, la banque de l’importateur s’engage en général de manière « irrévocable et confirmée », selon la formule consacrée par les règles et usances qui régissent ce moyen de paiement. Cet engagement est systématique pour les crédits documentaires assortis de différé de paiement. Ainsi, la banque du fournisseur qui a consenti le crédit est garantie d’être payée à échéance. Dans les faits, la banque de l’acheteur enregistre sur ses livres un engagement par signature vis-à-vis d’une banque étrangère. Cette créance vient alimenter l’encours de la dette à court terme qui diminue au fur et à mesure des paiements effectués par l’acheteur.
Un résultat inattendu de l’obligation du Credoc
En plus des surcouts qui viennent améliorer les bénéfices des banques – les « correspondants » bancaires étrangers prélèvent en moyenne 500 euros par tranche de 10 000 euros au titre des diverses commissions de service – cette situation est un des résultats inattendus de l’obligation faite aux importateurs de recourir au crédit documentaire. De fait pour éviter que l’importateur ait recours au crédit du fournisseur et par ricochet à celui d’une banque étrangère, il faudrait que la banque algérienne accepte de financer l’importateur.
Dans ce cas de figure, la banque algérienne se substitue au fournisseur et à sa banque pour accorder des délais de paiement à l’importateur. Aucune dette n’est constituée vis-à-vis des parties étrangères et l’encours de la dette n’est naturellement pas affecté par la transaction entre le banquier algérien et son client. S’il s’avère que c’est bien les lettres de crédit à paiements différés qui sont, pour l’essentiel, à l’origine de la dérive pointée par la banque centrale faudra t- il instruire les banques algérienne de n’accepter que l’ouverture de crédits documentaires payables à vues, s’interroge un spécialiste. « Dans ce cas, on peut se poser la question de la gestion de la trésorerie des importateurs, notamment de ceux qui achètent des intrants ou des demi-produits. Faudra-t-il établir une liste des entreprises habilitées à négocier des différés de paiement avec leurs fournisseurs ou une liste des produits éligibles ? Les moyens réglementaires de réprimer cette tendance ne manquent pas mais avec quelle incidence sur la régulation du marché et à quel coût pour les entreprises ? ».
Dans l’état actuel des revenus pétroliers, estime-t-il, la dette à court terme ne devrait pas poser de problèmes de trésorerie-devises à la Banque d’Algérie. Il s’agit d’une manifestation inattendue d’un problème structurel de l’économie algérienne. « Si la question de l’endettement à court terme mérite réponse, elle est accessoire par rapport à l’irrésistible croissance des importations…
Dans les faits, estiment les spécialistes, « l’obligation de recourir au Credoc ne réduit pas les importations. Par effet pervers, elle augmente l’encours de la dette à court terme. Cette obligation qui ne fait que réduire le nombre des importateurs bénéficie surtout aux banques étrangères … ».