🇩🇿AlgeriaNorth Africa
Euro rises against dinar on parallel market, new €750 tourist allowance rules cited as factor
via Algérie3603 min read
The euro and dollar have resumed their upward trend on Algeria's parallel market after a brief period of stability in early July. On July 20, the euro exchanged at 27,750 dinars for one hundred units for sale and 27,500 dinars for purchase. The US dollar followed a similar path at 23,900 dinars, while the British pound neared 30,000 dinars and the Canadian dollar traded around 16,500 dinars. This increase follows a period in June when the euro briefly dropped below 278 dinars. Market operators attribute the rise primarily to new conditions for accessing the €750 tourist allowance. Since a Council of Ministers meeting on July 12, travelers must now have a euro bank account with an international card to receive this allowance. Many individuals find these new procedures cumbersome and time-consuming, leading them to increasingly turn to the parallel market for foreign currency. This increased demand has driven up exchange rates. Additionally, the seasonal departure of Algerian students to European universities, particularly in France, starting in August, is another known factor that typically increases demand for foreign currency. This demand is already being anticipated by currency traders. The supply of foreign currency remains stable or slightly below expectations, unlike early July when returns from the Algerian diaspora temporarily boosted the market. This imbalance between supply and demand, combined with the new allowance rules and student departures, suggests prolonged p
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This summary was AI-generated from a story originally published by Algérie360.
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