100 Euros Exceed 19.100 DZD In Algiers Black Market

Prices of Euro and Dollar currencies rose sharply, on Sunday, in Algiers Square exchange black market, where 100 euros reach 19.100 DZD, while the price of $100 reach 17.800 DZD, and this is for the purchase, while the sale of 100 Euros reached 18.900 DZD and $100 reached 17.600 DZD.

Economic observers link this rise with the tightening of foreign trade, both in relation to imports that are associated with the distribution of licenses and the roofing of quotas by the Ministry of Commerce, or exports through new regulatory texts, which reduce the amount of hard currency that the source can keep, as well as high inflation and the approaching legislative elections after 20 days.
Economic expert, Fares Masdour, told Echorouk that the reason for the rise in the price of the euro and the dollar, on Sunday, in Algiers black market, and the rest of the black points to sell hard currency in the provinces, is due to the large shortage in hard currency, resulting from the withdrawal of large quantities of them from the market, in light of the narrowing of the import process under the government’s policy of rationalizing expenditures and reducing the deficit in the trade balance. Consequently, importers will not be able to withdraw large quantities of hard currency from the regular banks, prompting hundreds of them choose the black market.
“Algiers Square black market, or as the economic observers call it, “Square stock market” is governed by a “word” that the buyer gives and the seller receives, which is not subject to any laws or economic rules. The market also controls the supply and demand logic”.
“A large number of businessmen resort to getting rid of their stocks of funds in national currency due to the collapse of its value and its erosion, which contributed to the rise of the euro and the dollar at the expense of the Algerian dinar, in addition to the high inflation rate, which reached 7%, according to the latest figures of Algeria Bank”.
“Businessmen search for the safest sanctuaries in such circumstances, due to the approaching date of Chaaban and Ramadan Umrahs, and the large number of registrants to acquire at least 1000 Euros or $ per pilgrim, which caused inflation of prices”.
“A relative stability may occur after this period. Government should accelerate the opening of the offices of exchange and sieges of the market to besiege the black market, which is considered a crime against the national economy and currency. This remains the only solution to get rid of the collapse of the value of Algerian money”.