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The Algerian dinar is heading to end 2020 with historic losses


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Algeria
Hamza Kahal
December 17, 2020
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The exchange markets have been negatively affected by the recession that has hit the Algerian economy since March (France Press)
 

The Algerian dinar refuses to stop its slide against foreign currencies , which lost many points in front of them, heading to end 2020 with historical figures, after the exchange rate of the dinar fell against the single European currency, the euro, and the pound sterling to its lowest level in 9 months, thus continuing a downward path against currencies Foreign.

The price of the European currency, the euro, in the Central Bank of Algeria, today, Thursday, recorded an unprecedented rise against the dinar, reaching 160.41 dinars per euro for purchase, and the pound sterling also rose against the dinar today, according to the latest updates of the Central Bank, and reached 175 dinars for purchase. As for the dollar, it settled at 132.22 dinars for purchase.

 

A week ago, the price of the European currency, the euro, was recorded at the Central Bank of Algeria, 155.75 dinars per euro for purchase, and 173 dinars for the pound sterling. As for the dollar, it recorded 129.2 dinars for purchase.

The exchange markets have been negatively affected by the recession that has hit the Algerian economy since March, due to the outbreak of the Coronavirus, and the decline in the country's foreign exchange revenues, with oil prices losing 60% of their value during the first quarter of this year 2020, as the dinar lost its cohesion against the dollar and the euro. In banking transactions.

The loss of the dinar was due to some of its luster against foreign currencies, to the central bank's adoption of a policy of floating the dinar

 

 

The Algerian dinar had declined in early June to its lowest level against foreign currencies, since the beginning of the Corona pandemic, as the price of the dollar in the Central Bank of Algeria recorded 129,482 dinars for purchase, and the exchange rate of the unified European currency "euro" against the dinar rose to 142.88 Dinars for purchase, while the pound sterling settled at 159.28 dinars for purchase.

 

And before that, the Algerian currency lost more than 4 dinars to the dollar in early April, with the onset of the health crisis, as the exchange rate reached 127.02 dinars to one dollar, after it was at 123 dinars, in early March. The euro also jumped from 135 dinars during Last March, to 137 dinars in last April.

The loss of the dinar is due to some of its luster against foreign currencies, due to the Central Bank's adoption of a policy of floating the dinar, when necessary, as the dinar had previously lost a large part of its value over the past year, to counter the consequences of declining oil revenues and curb the import bill.

The Algerian government is moving towards imposing a new float in the local currency (the dinar), next year, to curb the import bill on the one hand, and to protect the exchange reserves from rapid evaporation on the other hand, in addition to absorbing part of the inflation expected to reach 4 percent during the next year, according to Government expectations.

The value of the dinar will decrease by 5 percent compared to the current price, according to the 2021 budget, which raises the exchange rate of the Algerian dinar against the dollar on the annual average to 142.20 dinars for the year 2021 and 149.31 Algerian dinars / dollar for the year 2022, and 156.78 Algerian dinars for the year 2023, and this is assuming A slight decrease in the value of the national currency against the dollar was recorded by about 5% annually.

Algerian Finance Minister Ayman bin Abdel Rahman said, on Monday, that “the option to reduce the national currency was mandatory in 2021, as a solution to attract direct and indirect foreign investments and enable these investors to evaluate national products, especially since the deputies had previously criticized the absence of investors and the freezing of the activities of the National Investment Fund. Who has not discussed new projects for 14 months. "

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