The Euro Exchanged For 192 Dinars At “Port Said Square” Amid Free Slump of The Dinar

date 2017/05/10 views 2545 comments 0

icon-writer By: Imène Kimouche / English Version: Med.B

The exchange rate of the Euro, at the informal hard currency market in the “Port Said Square” in the central part of the capital Algiers, reached on Tuesday, 192 dinars for purchase and 191 dinars for sale, a sudden rise that followed the French elections and the coronation of the new President at the Elysée Palace, namely Emmanuel Macron.

 The Euro rose as a result against a number of hard currencies, including the Dollar, shortly after the returns of the second round of the French presidential polls and the Euro’s upward trend was noticed in the informal hard currency markets of the capital and in a number of provinces across the country.

Although some economists refuse to link the hike  in the Euro and the Dollar at the informal market to the global economic indicators, since the only factor controlling the hard currency market is supply and demand, many of them stressed that the rise of the Euro against the US Dollar contributed to the upward appreciation of the European currency at the informal market, right after the victory of Emmanuel Macron in the presidential elections in France.

On the other hand, informal market traders confirm that the reason for the rise in the value of the Euro and the collapse of the Algerian Dinar is due to the high rate of demand resulting from the advent  of the holy month of Ramadan and the Umrah or small pilgrimage, which is only two weeks away from us, as well as the approaching summer season.

The hard currency market, according to them, will remain “inflamed” until the end of the upcoming Hajj season, after which the Euro will become relatively stable.

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