Algeria’s dinar declines by 30 percent against US dollar

Algerian dinar exchange rate declined by 30 percent against the US dollar. This may have serious consequences on national economy amid concerns that imported goods price including food, medicines and cars would increase.

US dollar exchange rate reached 144 DZ in informal market while the government took a step back in its decision to close the currency exchange black markets based in Square area in Algiers.

According to economist Fares Mesdour, the dinar declined due to the rise of the US dollar exchange rate in international banks.

“This is not good for Algeria as its imports bill exceeds $60 billion annually,” he said.

He added that the US dollar rate increased because of the Iranian situation.

He expected that imported goods price including cars, medicines and food would go up while the US dollar rate increase will have a positive impact on Algeria in terms of exchange reserves.