US dollar registers record hike on the Algerian black market

The US Dollars was yesterday converted at the informal stock exchange market “ Port Said Square” here in Algiers 100 Algerian Dinars registering its highest rate since more than 6 years wile it was exchanged at a level of 96 Algerian Dinars last week.

• The experts of the issue have linked the surge of the American currency to its scarcity on the market while the demand has grown in comparison to the Euro, whose value remained relatively flat since more than a month now as the Euro/ Algerian Dinar parity was 1 to 127.
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• The upward tendency of the Green bill was due to the reluctance of many Algerians to put it the retailers’ disposal on the black market while many predict the rising tendency of the currency during the upcoming days.
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• The hectic activities of the small salesmen that acquire most of their products overseas using hard currency exchanged in the black market have contributed to rising of the Dollar, in addition to the downward tendency of the Euro on the international stock markets in comparison with the US currency.
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• The European money registered a record slump since 4 years in the Algerian banks due to the financial crisis that hit the Euro zone especially in Greece. 1 Euro equals 93 Algerian Dinars edging to the US currency which value is estimated at 75 Algerian Dinars on the Algerian banks.
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• The Algerian financial experts considers that the progression of the rising of the US Dollar on the international market would affect positively the Algerian treasury and in the sense that most of the country’s imports are paid in Euro.