The prices of the euro against the Algerian dinar on the black currency market in Algeria show a slight downward trend in June 2024. The same goes for the US dollar.
At a time when observers were expecting a new surge in currencies in Algeria at the start of the summer season, the black currency market took everyone by surprise.
Exchange rate: the euro soon to fall below 240 Algerian dinars?
While the euro began this month of June quoted at 242 DZD per unit, or 24,200 Algerian dinars for a €100 note, its value has continued to decline since then on the black market.
Thus, on June 10, one euro was exchanged for 241.5 dinars. Ten days later, the single European currency lost ground to 241 DZD. But the decline does not stop yet.
This Thursday, June 27, 2024, one euro is quoted at Square Port-Saïd, in the capital Algiers, at 240 Algerian dinars, which constitutes a decline of one dinar in less than 10 days.
Will the euro fall below the symbolic mark of 240 DZD during the month of July? Nothing is less certain given the frivolous and unpredictable nature of the market. The massive arrival of members of the Algerian diaspora this summer in Algeria could weigh on the market.
Algerians abroad still use the black market to exchange their currencies to obtain the dinars they need for their stay in the country, which could lead to an increase in supply and weigh on prices.
Concerning the American dollar, it has followed the same downward trend since the beginning of June, while remaining stable over the last twenty days. Indeed, having started it at 224.50 DZD, he ended it quoted at 223.50 DZD, and has been doing so since at least June 10.
The value of the euro also falls at the Bank of Algeria
It should be noted that these figures may vary from one region to another of the country, although the reference price remains that which is fixed at Square Port-Saïd in Algiers which constitutes the largest unofficial currency exchange office in Algeria.
Although the surge in currencies has faded at the level of the parallel market, the gap between the quotes of the latter and those of the official market remains yawning. Indeed, the official value of currencies in the country is dictated by the Bank of Algeria.
In its buying and selling rates for currencies from June 27 to July 7, the Bank of Algeria displays a euro at 143.88 DZD for buying and at 143.95 DZD for selling.
The single European currency therefore shows a drop compared to the quotations of June 19 when one euro was quoted at 144.33 DZD for purchase and 144.36 dinars for sale.
Finally, the American dollar is quoted this June 27 on the official market at 134.60 DZD for purchase and at 134.61 dinars for sale. On June 19, the price of the greenback indicated 134.41 DZD for purchase and 134.43 DZD for sale.
