Euro exchange rates increase for the first time in summer
Unprecedented phenomenon even in informal markets
Monday Jul 16 2007.
Hard currency exchange rates are undergoing an unprecedented increase this summer compared to the same period in previous years, since hard currency influx have not been significantly enough to lead exchange rates go down.
Euro exchange rate has reached high levels in black markets as 100 euro costs 1050 Algerian dinars. A set of traders explained that the increasing exchange rates are due to the increase of demand and the decreased offer, which has never been witnessed as nationals are to come back to Algeria with given amounts of euro since most of Algerians stay in Europe, a fact that is likely to lead to the decrease of hard currency exchange rates as the offer gets higher, according to traders El Khabar met, it is due to the decrease of comers to Algeria.
A well informed financial expert underscored that the euro exchange rates increase is not recorded in Algeria only but is witnessed by all the international financial markets compared to dollar rates.
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