Algerians rush into euro, dollar and pound

Foreign currencies price considerably increased in Algeria’s black market in the last few hours. This is due to high demand from people including businessmen.

Euro Saturday reached 17,350 DZ for each 100 units while dollar exceeded 16,400 DZ and pound reached 24,500 DZ. Prices at the Algeria Bank were estimated at 108.19 DZ vs dollar, 114.62 DZ vs euros and 162.82 vs pound.

According to black market traders, there has been a lack of pounds and dollars for 5 days as there were no sufficient quantities to satisfy the market needs. Because of that, the prices went up while they are expected to reach higher levels.

Economy expert Bachir Msitpha said high demand is due to mean reasons. They seek safe ways to store their money as food prices will be raised by the beginning of the new year.

Earlier, Algerian Prime Minister Abdelmalek Sellal said the financial situation in Algeria is difficult and there is a need for seeking new resources to fund the budget.

“Now, Algerians prefer to save gold and hard currency rather than real-estate as it needs many procedures. Dollar, pound and euros price increased as the Omra season and the new year celebrations are coming soon,” the expert told Echorouk.