The euro continued to rise in Algeria, during the beginning of Wednesday’s trading, on the informal parallel market (black), while the dollar stabilized.
The euro in Algeria rose during early trading on Wednesday, March 3, 2021, to 217.49 dinars for purchase and 219.91 dinars for sale, compared to 216.83 dinars for purchase and 219.24 dinars for sale at the close of Tuesday’s trading.
The euro at the Central Bank of Algeria settled at 160.03 dinars for purchase and 160.10 dinars for sale.
The US dollar maintained its level in Algeria during early trading wednesday morning at the parallel market at 180 dinars for purchase and 182 dinars for sale, the same price at the close of yesterday’s trading.
The central bank of Algeria’s dollar was at 133.32 dinars for purchase and 133.34 dinars for sale.
The pound in Algeria, when it opened on Wednesday, jumped to 251.33 dinars for purchase and 254.12 dinars for sale, compared with 250.59 dinars for purchase and 253.37 dinars for sale at the close of Tuesday’s trading.
The pound’s price at banks was 185.05 dinars for purchase and 185.12 dinars for sale.
The price of the rial and dirham
During the beginning of Wednesday’s trading, the saudi riyal price on the black market was 47.99 dinars for purchase and 48.52 dinars for sale, compared to 47.99 dinars for purchase and 48.53 dinars for sale yesterday.
The Saudi riyal at official banks in Algeria was at 35.54 dinars for purchase and 35.55 dinars for sale.
The price of the UAE dirham in Algeria, during the early trading of Wednesday morning, was 49.01 dinars for purchase and 49.55 dinars for sale, the same price at the close of yesterday’s trading.
The Central Bank of Algeria has a record price of 36.29 dinars for purchase and 36.30 dinars for sale.
The OPEC member country has been under pressure for years, due to weak global oil prices, given that its oil and gas export revenues account for 60% of the state budget and 94% of total export revenues.
In an effort to reduce its dependence on energy, Algeria has announced plans to diversify the economy through the development of other sectors.
The central bank said in a statement that the decision to cut mandatory reserves is likely to make it possible to release additional liquidity margins to the banking system.
He added that it would further enhance the financing capacity of banks in line with the national policy of economic recovery and diversification.