The decision of the Bank of Algeria to limit the outflow of currency abroad by resident and non-resident Algerian travelers to only once a year for an amount not exceeding 7,500 euros, sows panic on the black market of currencies.
This Sunday, November 23, the euro recorded a significant drop against the Algerian dinar on the black currency market. It goes from 100 euros for 25,900 DA on sale on Thursday, to 100 euros for 25,000 DA on average this Sunday afternoon, we learned from a currency trader.
This decline is explained by the decision of the Bank of Algeria published Wednesday in the official journal, specifies our source. ''The decision of the Bank of Algeria upsets the parallel market and plunges it into total uncertainty,'' he says. He adds: ''The market is completely at a standstill this afternoon. Stakeholders prefer to wait than sell or buy currencies.
The wholesalers of this market which operates, let us remember, completely illegally, prefer to pause while waiting to see clearly. ''The currency wholesalers have not placed orders with small currency exchange dealers in the corner or village,'' adds our contact. A situation which favors the fall in the exchange rate of the euro on the black market.
Regarding market developments over the next few days, the forex dealer refuses to give any protections. ''No one knows how things will develop over the coming weeks. We are in a period of total uncertainty,'' he replies.
As a reminder, the government took a series of measures this year to contain the black currency market and limit its impact. Measures that some observers interpret as a sign of the government's desire to put an end to this market which emerged in the early 1980s.
