Algeria: Informal currency market soaring with one Euro for 200 Dinars!

This is the first time since the single European currency appeared in 2002 that we’ve arrived at such a staggering rate on the informal hard currency market in Algeria.

Now, it costs no less than 20 banknotes of 1,000 Dinars for a 100 Euro banknote on the strongholds of this kind of informal activity, which by the way is a loss to the Public Treasury owing to the lack of official money exchange offices in the country.

This exceptional rate of the Euro currency in recent days, registered in all provinces of Algeria is due to persisting rumors that numerous citizens want to go and settle abroad because of the economic deterioration in the country in addition to the security services’ swoops launched of late on these scattered informal markets in a bid to check this trading phenomenon which undermines the national economy.

Other hard currencies are not left out, since a single US dollar has reached 17,000 Dinars and the Tunisian dinar climbed to 8,000 Algerian Dinars… and these rates are expected to hike even further by next February.