The exchange rates of foreign currencies against the Algerian dinar have recently recorded a noticeable decline in the black market, locally known as “Square,” in the capital city of Algiers.
According to a survey conducted by Sabq Press on Sunday at Port Said Square in Algiers, the price of 100 euros dropped to 25,700 Algerian dinars for sale, with purchase rates ranging between 25,300 and 25,400 dinars.
Similarly, the US dollar experienced a decline in the square market, with its selling price reaching 24,500 Algerian dinars, while the purchase rates ranged between 24,200 and 24,400 dinars.
Opinions among buyers and sellers were divided regarding the price fluctuations. One trader noted, “This has been the state of the market for almost a week. Prices vary and often conflict between morning and evening.”
On the other hand, the British pound sterling maintained a higher rate, with prices reaching 30,200 Algerian dinars for sale and 30,000 dinars for purchase.
What’s Behind the Decline?
The fluctuating exchange rates in the Algerian black market could be attributed to several factors, including changes in demand, regional economic conditions, and potential government interventions aimed at stabilizing the local currency.
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