Presidential Elections cause a rising in the exchange market

Prices of hard currency notice an unbelievable rising in the black market, as €100 in the Port Said market reached 15.650 zdz and sometimes 15.750 zdz, while $100 reached 11.250 zdz.

Echorouk paid a tour in Algiers Port Said Square, which is the largest market for hard currency in Algeria, and found a large and crazy rising of prices, as the difference was clear between the official exchange for the euro and dollar in Algeria Bank and the  parallel market.

A young man, who works in black market exchange said this rising since two months approximately, due to the presidential elections’ campaign which started on March.

“Demand on hard currency is very few, market is deciding so”.

Another youth added; “Exchange reduces, as many businessmen and rich people came every time to do important exchange operations. Since a period the situation changed and we are no longer remarking these money”.

Expert and analyst in the field of economy, Malek Serrai, said the cause of this surprising and unprecedented rise is political in first degree, due to the state of fear and waiting that overwhelmed the national political scene, as businessmen resorted to transferring their money to abroad.

“Businessmen and rich people who work in the parallel market, resorted to buying large money of hard currency and transfer it to foreign banks, due to fear from the repercussions of April 17 Presidential Elections. They are transferring what they can transfer”.

“Another cause of this rising is the Algerians high demand on buying properties in many European countries, especially in Spain, after the collapsing prices due to the economic crisis, and due to buying industrial units abroad by Algerian businessmen, like in Turkey, China and Thailand.”

“Huge funds of Algerian dinars that are circulating in the parallel market away from the bank control, also leads to the rising of hard currency, as 42% of the national financial abilities are away from control of banks, and the lack of official exchange banks contributed to this rising”.