The euro has started a downward curve on the Algerian parallel market of the currency. The trend has continued since last Thursday and the single European currency could very quickly fall below the symbolic bar of 250 Algerian dinars for one euro.
After several weeks of dizzying increases and successive records, reaching up to 260 dinars, the euro started to fall again on Thursday October 3, falling to 254 dinars per unit for purchase, or 25,400 dinars for 100 euros.
This Saturday, October 5, the European currency further lost its value at Square Port-Saïd, the main parallel exchange center in Algiers.
It rose to 250.5 dinars per unit, or 25,050 dinars for 100 euros.
Spared last Thursday by the decline, the US dollar was caught up by the same trend this Saturday, falling from 229.5 to 228 dinars per unit. The American greenback lost 1.5 dinars of its value in two days.
At the official rate of the Bank of Algeria, the euro and the dollar were quoted on Thursday at 146.67 and 132.83 Algerian dinars respectively.
Why the euro continues its decline on the Algerian parallel currency market
Several factors, some of which are unpredictable, determine the value of the main foreign currencies in Algeria.
In September, a period coinciding with the end of the holidays, the euro soared due to the drop in supply caused by the departure of expatriates, one of the main sources of food for the market. The euro had gained nearly 20 dinars in a few weeks, going from 242 to 260 dinars between the beginning of July and September.
The current decline is explained by market experts by information reporting the suspension of registrations for imported vehicles less than three years old.
In addition to tourists, students, pilgrims, the sick and businessmen, private importers of this type of vehicle use the parallel currency market to pay for their acquisitions.
The importation of used vehicles less than three years old was reintroduced in February 2023 for individuals who must pay for them.on their own currencies“.
The suspension of the registration of these vehicles was reported Thursday by the Algerian Association for Consumer and Environmental Protection (APOCE) and a freight forwarder, Green Line transit international, citing “a note from the Ministry of the Interior“.
