Chinese yen competes with euro and dollar in Algeria black market

China’s yen currency price increased by 30 percent in a week in black market in Algiers as the Algeria Bank allowed importers to use the Chinese currency.

One yen  exchange rate reached 230 DZ while it is expected to go up due to high demand among traders and importers.

Parallel market traders: prices increased to 230 DZ

Some black market traders said the Chinese currency is missing. Its main source is importers who convert their money after coming back from China.

They told Echorouk they will flood national market with yen in order to break prices at the Algeria Bank. This would allow to import Chinese goods at low prices.

Economy expert Bachir Msitpha believes that the Algeria Bank’s decision will allow to diversify the national exchange reserve and to avoid possible losses.

He warned against using that decision as a means for speculation by black market traders.

“In short term, this decision will have economic feasibility. Yet, it will become a means to reduce the Algerian dinar value by black market traders,” he added.