The euro has seen a resurgence in Algeria's parallel currency market, climbing to 240 Algerian dinars per unit in Tizi Ouzou. This marks a significant increase after a four-month period of stability. The sudden rise in demand, largely driven by individuals seeking to travel abroad during the year-end holidays, has revitalized the market. Many Algerians, particularly young people, are looking to travel to destinations they perceive as more stable.
The US dollar has also seen a slight increase, rising to 184 Algerian dinars for sale and 182 Algerian dinars for purchase. This comes after a period of stagnation at 180 Algerian dinars per dollar. According to currency exchange operators, or cambistes, the renewed interest in foreign currencies is driven by individuals seeking to travel abroad, either for leisure or to escape the country's economic and social challenges.
Cambistes report that the majority of buyers are young people, but they do not fit the typical profile of businessmen or regular clients. Some buyers appear to be planning to leave the country, while others are simply looking to celebrate the new year abroad. The purchases, however, are not being made in large quantities, reflecting the economic uncertainty and caution that prevails.
The rise in the euro's value has caused concern among importers and manufacturers, who are holding back on their purchases. This has resulted in increased stress for cambistes, who have seen their business decline significantly over the past four months. Some cambistes have even been forced to suspend their activities due to the lack of demand.
The instability in the country and the unclear policies on imports have contributed to the uncertainty in the parallel currency market. Many cambistes are cautious about the future, citing the government's inability to guarantee the availability of foreign currency. This has led some to question the sustainability of the market.
Some well-established cambistes, such as Nacer, have decided to exit the market due to the uncertainty. Despite this, they continue to be approached by clients seeking to exchange currencies. The increased seizures of foreign currency at border posts have also discouraged individuals from carrying large sums of money.
The surge in demand during the holiday season has brought some relief to cambistes, who are optimistic about the short-term prospects. However, the long-term outlook remains uncertain, with many factors influencing the parallel currency market. The key points to note are:
Key points
- The euro has risen to 240 Algerian dinars per unit in Tizi Ouzou.
- The surge in demand is driven by individuals seeking to travel abroad during the year-end holidays.
- The parallel currency market remains uncertain due to the country's instability and unclear policies on imports.
