Foreign Currency Rates Increase Due To Large Demand In Algiers Black Market

The exchange rate of euro and dollar currencies rose on Sunday in Algiers Port Said Square, which is the black market of hard currency at the level of the capital, where the sale 100 euros reach DZD 21.600 and the purchase reached DZD 21.400 dinars, while the price of selling $100 reached DZD 18.700 and the purchase reached DZD 18.500, for the first time, as they have been accustomed over the past years to increase the demand for hard currency.

Hard currency exchange traders in Algeria Square market told Echorouk that the exchange rate of the euro and the dollar on Sunday, rose significantly, where 100 euros reached DZD 21.600, due to the large demand on this currency by a large number of customers, led by traders, and owners of money that are saved in homes, as the market witnessed a strong rush, and large quantities of the euro and the dollar were on large demand, as the price of $100 euros reached DZD 18.700.

According to traders, the price of foreign currency has been increasing since December, coinciding with the New Year celebrations and the Prophet Muhammad (PBUH) Birth, and this rise continued with the beginning of the new year to intensify as the date of the presidential elections, which is due on April 18, a phenomenon that the traders of hard currency black market are accustomed to seeing, with the approaching of elections dates, because many rich people exchange dinars to hard currency in search of safe havens to ensure the stability of their savings, away from any reduction or collapse that the national currency may experience in the future.

In a related context, foreign currency prices are stable at the level of the Bank of Algeria, or the official market, where the exchange rate of 100 euros reached 13.500 DZD and $100 reached DZD 11.900, and the value of the dinar remains stable against the hard currency at the official market level since the beginning of 2019, while experts and specialists have warned against the devaluation of the national currency and the increase in inflation during the current year, resulting in a greater collapse of purchasing power in the case of the continued printing of money, while the Finance Ministry responded to these criticisms by taking all necessary measures to control inflation.