Euro value slumps by 400 dinars at “Square” informal stock exchange market”

The value of the Euro currency has decreased on the world stock exchange markets compared to a steady hike of the US dollar and the Japanese Yen on account of a retreat of the European trade in the face of the current hegemony maintained by the Chinese Industry over about 60% of international trade exchanges.

This has, as a result, brought the Euro currency’s value downward on the Algerian informal stock exchange market.

For two consecutive weeks, the value of the Euro currency has dropped by about 400 dinars at the much-frequented “Port-Said public square” in downtown Algiers where informal stock exchange transactions have been going on for many years now.

Sources on the spot, told Echorouk reporter that people needed in their transactions to supply 15,000 dinars in exchange for 100 Euros but now things have changed with the current transactions slightly decreasing. A hundred Euros can be purchased for just 14.600 dinars that is a slump of 400 dinars in the Euro’s market value.

The same sources also indicated that this downward trend was expected to continue for some time with currency transactions averaging 100 Euros for just 14,500 dinars because of the large influx in Algeria of members of the migrant community settled overseas as every summer season coinciding this year with the holy month of fasting of Ramadhan which will be crowned by the Aïd feast slated for the 10^th of August.