The exchange rate of the euro against the Algerian dinar recorded a historic increase this Tuesday early afternoon. In other words, the single European currency has never been so strong against the national currency.
Indeed, the 100 euro note is being exchanged this afternoon for 24,450 DA, for purchase, that is to say the rate at which the euro is being sold by money changers. Regarding the purchase, money changers are buying 100 euros for 24,250 DA.
On Monday, the exchange rate on the black market was 100 euros against 24,350 DA. This increase should continue over the coming days and weeks, predicts a money changer managing a Facebook page dedicated to exchange.
According to his analysis, all indicators suggest that new historical thresholds will be reached in the coming weeks.
As explained in our previous editions, this rise of the euro on the black market is explained by the explosion of demand for the euro and the stagnation or even decline of supply. This equation, according to our contact, “inevitably” favors the rise of the euro and the fall of the dinar.
Asked about the origin of the increase in demand for the euro observed in recent days on the black market, our interlocutor recalls that the beginning of September is marked each year by the resumption of Umrah trips. There are more than 500,000 Algerians who travel to Mecca each year to perform an Umrah. They stock up on foreign currency on the black market because the State does not support this category of religious tourists.
The acceleration of the import of cars less than three years old also contributes to the rise of the currency. The unavailability of new cars on the national market motivates Algerians to import cars themselves.
In addition to these two reasons, there are also departures abroad under study visas and illegal immigration. Students with study visas and candidates for immigration buy large quantities of euros and dollars on the black market for foreign exchange.
