For the first time in currency exchange prices, 100 Euros worth 17,000 ZDZ in the parallel market

Foreign currency exchange prices noticed a record increase in the parallel market in various regions of the country, as the price of 100 Euros reached the equivalent of 17.000 ZDZ, a rise that had not been recorded since the date of the introduction of the new European currency at the beginning of the millennium, and it is expected to rise during the next few days to the limits of 18.000 ZDZ, according to the Euro sellers, who told Echorouk in the street of Les Arcades in the center of Setif (eastern Algeria), and this is due to the year end, where many Algerians traveled to European countries, in order to spend the New Year’s Eve.

Euro exchange trade, noticed a significant recovery in this street, in spite of the efforts of the security services to pre-empt all the illegal financial transactions between the merchant and the customer, as in many times, some traders who are out of law were transferred to the security headquarters for interrogation, and seize their money, but this, did not prevent these traders from continuing the practice of this profession, which does not require shops, as they work on the road and run behind the car, especially those numbered from outside the province, with the same foreign-numbering. As some of these stalls in the streets are considered one of the most important spots where the Euro exchange process is active.

Problem of the black market for foreign exchange remains proliferated in Algeria in general and in Setif particularly, as it poses more of than a question, especially as the activity is practiced under the eyes of everyone, even though the Algerian law forbids it, but as it is said by vendors, there are no alternatives in the absence of the approved exchange offices by the Finance Ministry and absence of the public authorities which took encouraging measures that affect margins, which will keep the parallel exchange market rate for hard currency as a reference and standard to determine the Euro currency value for the Algerian dinar.

Vendors also pointed out in Les Arcades Street near Setif and Ain al-Fouara monument, that the reasons which have led to recording high currency of the Euro in the parallel market, is the lack of liquidity in the black market, because of the end of the summer holiday, and the return of most of the expatriates, as the Hajj season, which was on the causes and main reasons for the scarcity of the Euro currency in the parallel market.