The black currency market in Algeria has entered a phase of lethargy in recent days. Beyond the upheavals due to the approach of the pilgrimage season, this parallel stock exchange has entered into hibernation due to the succession of public holidays on the occasion of Eid El-Kébir. The exchange rate of foreign currencies has, in fact, experienced significant fluctuations during these festive days. It has fallen significantly compared to past weeks.
This Monday, June 19, these currencies returned to their level several weeks ago before their surge. The euro is still above the average over the first six months of the current year on the main black exchange centers, notably at Square Port Saïd, the best-known market. The single European currency trades at 238 dinars for sale and 240 dinars for purchase.
For its part, the US dollar still remains at a high level, despite its slight decline. It trades at 221 dinars for purchase and 223 dinars for sale. As for the Canadian dollar, sought after by Algerians who have a large community in the North American country, it remained stable and is trading at 159 dinars for purchase and 161 dinars for sale.
Why has the exchange rate fallen on the black market?
It must be said that the black currency market is the real exchange exchange in Algeria. He lays down the law while waiting for the opening of official offices promised for the days to come and which is slow to see the light of day. The high level of foreign currencies can be explained in particular by the law of supply and demand.
The decline in the exchange rates of these currencies is therefore due to the decline in demand during this holiday period. Indeed, for several days, economic activity slowed down in Algeria. The weekend was followed by three public holidays, which weighed down the black currency market. Furthermore, the arrival of many Algerians to spend Eid with their families boosted supply in a situation where demand fell, which caused the exchange rate to decline.
The exchange rate remains stable on the official market
Alongside the decline in foreign currencies on the black market, they remained stable on the official market, according to quotations from the Bank of Algeria on Wednesday, June 19. The dollar is trading at 134.54 Algerian dinars and the euro is at 144.24 dinars. However, it should be noted that these quotes may change in the future due to the government’s desire to strengthen the value of the dinar.
