The euro and the US dollar are up on the informal market currencies in Algeria. While the single European currency still remains, despite fluctuations, above the 240 dinar mark, the American dollar As for him, he is moving forward slowly but surely, also breaking his records on the black market.
Indeed, one euro is exchanged, this Monday, May 13, 2024, at Port-Saïd square, the center of the informal currency market in Algeria, for 242 Algerian dinars, or 24,200 DZD for a single €100 note.
Concerning the American dollar, it set a new record. A single greenback is exchanged today on the black currency market in Algeria for 226 Algerian dinars. Thus, a $100 bill is exchanged for 22,600 DZD.
It should be noted that these are values ” on sale », They therefore concern people who want to buy currencies. For people who wish to sell their euros or dollars, currency traders offer prices “ purchase ”, lower than the aforementioned rates by 5 to 10%.
Black currency market in Algeria: why the euro and the dollar are on the rise
This increase in the value of currencies can be explained in particular by the arrival of the Hajj season which pushes many faithful to approach the parallel market to exchange their Algerian dinars for American dollars, as part of the preparation of their journey to the Holy Places of Islam.
It’s also the holiday season. Thus, Algerian travelers, whose main tourist destination is often Europe, are forced to buy euros on the black market, given that the tourist allowance granted to them by the Bank of Algeria remains largely insufficient .
On the side of currency traders, this increase can also be explained by a scarcity of currencies on the market in Algeria. As a result, supply remains less important than demand, particularly during this period when the Hajj coincides with the approach of the summer season.
Currency rates at the Bank of Algeria
Furthermore, and while the prices of the main currencies are soaring on the informal market, at the level of the official market regulated by the Bank of Algeria, the euro and the American dollar remain rather stable, and their prices significantly lower than those from the black market.
Indeed, on Saturday May 11, one euro was exchanged at the Bank of Algeria against 144.41 Algerian dinars for purchase and against 144.44 for sale, while the American dollar was exchanged against 134.55 dinars Algerians for purchase and against 134.56 for sale.
This Monday, May 13, 2024, these courses remain more or less the same. One euro is exchanged for 144.75 Algerian dinars when buying and 144.79 for selling. The dollar, for its part, exchanges against 134.33 Algerian dinars for purchase and against 134.34 for sale.