After having multiplied the increases in recent weeks, arriving historic highs the euro fell this Thursday October 3 against the dinar on the black currency market. A drop that comes the day after the announcement of the blocking of the issuing of registration documents for imported used cars.
Since the beginning of September, the rise of the European currency has begun to take hold on the black money market in Algeria. Towards the end of the same month, the euro surpassed the psychological threshold of 250 Algerian dinars.
But the increase didn’t stop there. In a few days, in the Port-Saïd square in Algiers, the euro approached the 260 dinar threshold, even exceeding this threshold in some places in the country.
The euro will start falling again this Thursday, October 3 on the black market
In less than a month, the value of a 100 euro banknote increased by around 1,500 Algerian dinars, a situation never seen before on the parallel foreign exchange market in Algeria. This month of September has been a month of unprecedented turmoil in this market.
The euro’s historic surge is the result, we explain to currency traders, of strong demand, in the face of a supply that has declined significantly. In recent days the euro has become increasingly scarce, which explains this surge.
The strong demand is partly due, according to specialists, including the president of the Apoce organization, to the import operations of vehicles less than three years old. In the absence of an official exchange circuit, Algerians are forced to obtain their foreign currency on the black market.
This Thursday 3 October the euro fell again, we noticed it among the currency traders in Port-Saïd square in Algiers. The European monetary unit is sold for 254 dinars, or 25,400 dinars per 100 euros.
The US dollar remains stable
This drop comes a day after the authorities decided to freeze the issuance of registration cards for imported vehicles less than three years old. The note from the Interior Ministry on the matter is in fact dated 1 October.
Unless a downward trend is established in the black money market heralding a return to normalcy, this sudden drop could be linked to the authorities’ recent decision regarding the importation of vehicles less than three years old.
Moreover, the president of Apoce, Mustapha Zebdi, explained to the TSA that the freezing of registration documents for cars less than three years old would be directly linked to the crazy surge that occurred in the last days of the euro on the black market.
As for the US dollar, the trend is rather stable this Thursday, October 3. The greenback is offered at 229.50 Da, which is a bundle of 22,950 dinar notes against a 100 dollar note.
On the banking circuit, the value of the euro compared to the dinar, set by the Bank of Algeria, has not seen any significant changes. One euro is indicated at the purchase price of 146.64 dinars and at the selling price of 146.67 dinars.
The American dollar is quoted, for its part, according to the exchange table published by the Bank of Algiers this Thursday at 132.83 dinars for purchase and 132.85 dinars for sale.