The exchange rates of the euro and the dollar recorded a notable increase on the parallel market in Algeria, reaching levels not seen for several months. While the official rate remains stable, fluctuations on the black market have significant consequences for businesses and individuals.
For its part, the US dollar also experienced a sharp rise, trading at 247.50 dinars for sale and 245.50 for purchase this Thursday. The Canadian dollar, highly sought after by Algerians with a large community in North America, also recorded a notable increase, trading at 168 dinars for purchase and 170 dinars for sale.
Economy
End of exemption from tax penalties: Algerians have until the end of 2024
The black market varies according to supply and demand
The exchange rate fluctuates based on supply and demand. The black currency market, influenced by unpredictable factors, nevertheless remains governed by this fundamental law. When demand increases, the exchange rate in this market experiences a sharp rise. However, a new element has changed the situation: the decision of the Bank of Algeria to impose a ceiling on foreign currency exports.
From now on, this institution limits the quantity of cash that can be exported to 7,500 euros (or the equivalent in another currency), once a year. This measure had an immediate impact on the black market, leading to a temporary fall in exchange rates. However, this effect was short-lived as currencies quickly resumed their ascent due to further reduction in supply.
Belgium
