The euro continues its fall on the Algerian black market, and falls below the 250 dinar mark on December 19, 2024! After breaking record after record, reaching historic thresholds in recent months, the euro is now experiencing a devaluation.
Currently, 100 euros are traded at 25,200 dinars for sale and 24,800 dinars for purchase, according to information from Square Port Said. This slight decrease follows the increase in the tourist allowance at 750 euros, recently announced by President Abdelmadjid Tebboune.
For its part, the dollar, after a period of continuous rise, is now following a trajectory similar to that of the euro, beginning to a bra curve. A 100 American dollar bill will be exchanged this 12/19/2024 at 23,700 dinars for purchase and 24,000 dinars for sale.
Currency market in Algeria: the euro and the dollar record notable declines
The fluctuation of rates between the Algerian dinar and foreign currencies has created a notable gap between the official market rates of the Bank of Algeria and those of the parallel market. Currently, on the black market, the euro is trading at 252 dinars for sale and 248 dinars for purchase. While the dollar is exchanged at 240 dinars for sale and 237 dinars for purchase.
On the other hand, on the official market of the Bank of Algeria1 euro is bought at 140.42 dinars and sold at 140.45 dinars. While the dollar is trading at 133.76 dinars for purchase and 133.77 dinars for sale.
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However, with the entry into force, in January 2025, of new economic measures planned by the government. LThis situation risks revitalizing the parallel market. Thus impacting currency quotes and demand on informal circuits.
The reasons behind the decline in currencies in Algeria: government measures and impact on demand
The recent lull in the parallel currency market is largely attributable to government measures. Which were put in place to better regulate currency flows. Among these restrictions, we can cite:
- The capping of the annual amount authorized for export at 7,500 euros : by limiting the quantity of euros that can be legally transported. This decision restricted access to foreign exchange;
- The increase in the tourist allowance to 750 euros per adult traveler : this legal measure recently announced by the Head of State offered an alternative to the black market. Thus reducing pressure on the parallel market;
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These initiatives have the effect of limiting the attractiveness of the black market. Where currency traders had long prospered due to limitations on the currencies available via legal channels (notably the euro). However, experts believe that these adjustments will not be enough to eliminate the informal currency market.
