Algeria: “Hard currency market on the rebound and informal activities competing Banks”

The informal hard currency exchange market at the Port Said Square in downtown Algiers has witnessed in the last hours a big influx of expatriates and business dealers as well as Hadjis or pilgrims to acquire Euros and Dollars in anticipation of the upcoming pilgrimage season slated to kick off next week, at a time of a relative stability in hard currency values compared to the hike set out by the Central Bank in major world currencies as from last week.

Money changers are currently rife at this informal market with sustained activity recorded in recent days  coinciding with the summer holiday season and the return of expatriates to Algeria, as well as the advent of the new pilgrimage or Hadj to the holy places if Islam in Saudi Arabia.

It should be noted that the absence of official currency exchange offices and the government’s inaction in the face of these illicit vendors has only bolstered this informal currency Square market  by turning into a major hub of money exchanges with  numerous people bent on travel abroad, flocking in it day in-day out, without being bothered by anyone.