Euro Currency Collapses In Algiers Square Market Because Of Importers

European currency “Euro” recorded a decline in the parallel market compared to the Algerian dinar, which fell to 18.900 DZD dinars against the euro, after it reached last week 19.400 DZD against the euro.

Reason for the Euro’s collapse is due to the decline of demand for the euro, despite the coincidence of this stage with the summer, which is supposed to notice an increase of demand, because the importers reduced their demand to buy hard currency because of the measures that are taken by the government to reduce the import bill.

It is known that the exchange rate of the euro in the black market reaches high levels weeks ago, and reached for the first time since months 19.400 DZD, while the return of the cashiers of Algiers Port Said Square caused this rise to the summer season and the large number of Algerians who decide to spend the holidays abroad despite the economic hardship and the continuing of oil crisis.

Although the economists refuse to link the rise in the euro and the dollar to the parallel market, and the world economy indicators, since the only factor that is controlling the stock market is the supply and demand, as a large number of them confirmed that the rise of the euro against the US dollar contributed to the revaluation of the Euro currency in the parallel market, while Algiers square parallel market cashiers say 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 that is resulting from the approach of the Hajj, and the summer season, as a large number of Algerians spend their holidays abroad.