Indeed, the exchange rate of the main currencies on the Algerian black market notably at the famous Port Said Square in downtown Algiers, rebounded after a correction against the Algerian Dinar. The bullish trend resumed after being slowed earlier this week by a notable drop.
The value of the European currency rose on the black market against the Algerian Dinar to trade at 19,500 per 100 Euros and 17,800 per 100 Dollars.
After having experienced a historical decline that led to a convergence of the values of the main currencies on the black market and on the official market, due to the double economic and health-related crisis experienced by the country, the value of the currency is skyrocketing two months after the beginning of the Covid 19 pandemic.
Sources on the spot say that merchants and citizens are flocking to the informal currency exchange market to hoard large quantities of the euro and the dollar, with the aim of selling them after the expiry of the lockdown period at higher prices.
The resumption of imports of products from abroad and the cascade of good news for Algerian travelers are accelerating the demand for foreign currency.
One piece of news, however, is putting a damper on this dynamic.
It is about the fall of the amount in currency subjected to the customs declaration; from 5.000 euros to 1.000 within the framework of the LFC 2020.
Nevertheless, and apart from this not very pleasing announcement, for the past week there have been several positive signals concerning the resumption of air traffic and administrative releases.
For example, the announcement of the resumption of the services of TLS Contact which will give passports to Algerians who have submitted their visa applications.
A positive announcement that comes with the announcement of the imminent resumption of tourism activity in neighboring Tunisia.