30.000 Pilgrims, A Million Tourists Unload The Hard Currency Market

Exchange rate of the Euro and Dollar currencies noticed a terrible rise in the parallel market and black markets for the sale of hard currency, preceded by Algiers Port Said Square, on Wednesday, as the US dollar reached 16.500 ZDZ per $100, and 100 Euro reached 18.500 DZD, at a time when experts and specialists of economy said this rise is due to the pilgrimage season that is planned to be launched in a week, as pilgrims whose number reached 30.000 registered, flock since early hours and ask for an average of 1000 euros per pilgrim.

One of the customers in the square market told Echorouk that the demand for hard currency -the Euro and the dollar-  increased during the past few hours, and the demand by pilgrims increased by the Algerian pilgrims who are heading for vacation outside the country, which caused the rise in prices, expecting the return of stability over the coming months, while he said that the Euro rose in the record time from 17.900 to 18.500 DZD, and the dollar from 16.000 to 16.500 DZD.

Economist Kamal Rezzigue said the cause of the increase of the value of hard currencies -the dollar and the Euro- in the parallel market is the approaching Hajj season, which coincides with the summer vacation, and the large number of Algerians who travel abroad, counting in this context, 30.000 pilgrims and two million vacationers, as each one of them asked, at least for $ 1000 or euros, while the Bank, through the so-called tourism grant only gives more than 120 euros, which is equal to 15.000 DZD, which is the direct cause which makes the demand on the black market exceed the offer, calling for opening competition and rationing of exchange offices, and determining the profit margin, so as the dinar will not lose more of its value over the coming months.