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The Algerian Currency

    Money is a social relation depending on the level of economic and social development of a nation. It also reflects the level of confidence between the state and the citizen. Figures and symbols that are engraved on money tell the story of the country it represents.  During the French colonialism, the franc was the Algerian currency that was in force in the country. To mark its independence, on April 10, 1964, the Dinar was established as the national and main monetary unit of Algeria after getting rid of the French colonist. 

   The Algerian dinar was quoted with the franc until 1973, 1 dinar for 1 franc, and against the dollar 1 dinar for 5 dollars. Since 1974, the value of the dinar has been adjusted according to the development of a basket of 14 currencies with a depreciation between 1986/1990 from 4.82 to 12.191 (USD / DZD), 150% followed by a second depreciation of 22% in 1991.  The adoption of the total convertibility of the dinar was considered for the first time in 1991. In connection with the "Stand-By Arrangement" signed in April 1991 with the IMF with an aim to accelerate the profound reform of the national economy and achieving a full and rapidly functioning market economy based on a stable and convertible currency. With the suspension of payments in 1994 and subsequent rescheduling and conditionalities imposed by the IMF, there was a further devaluation of more than 40% against the US dollar followed 1995/1996 of a commercial convertibility of the Algerian currency. The official quotation of the dinar for the 24 of February of 2017, we have - a Euro sale 187 dinars a Euro - purchase 186 dinars a Euro - a US Dollar - sale 175 dinars a Dollar, sale 173 dinars a Dollar US- A Pound Sterling 278 dinars sale and purchase 217 dinars. The solution to face the problem of the depreciation of the Dinar lies in a new governance that requires high-performing companies (cost-quality) that need to be integrated into large groups whose Euro-African and Euro-Mediterranean areas are the natural spaces of Algeria thanks to a win a co-partnership: balance Shared currencies, the accumulation of technology transfer and local management, with human resources as the essential pivot of cooperation. And this is thanks to the de-bureaucratization of society, the recasting of the financial and socio-educational systems, solving the thorny problem of land with its utilities, customs duties and subsidies to be targeted.

   In Algeria, apart from certain figures such as the Emir Abdelkader or Massinissa (Algerian historical figures), the Algerian currency is mainly in the image of animals. From 1964 to the present, fauna has always been in the spotlight in the Algerian currency. Among the animals that have had the privilege of being represented there are gazelles, cows, sheep, rams, horses, camels, oxen, buffaloes, elephants, lions, wildebeests, fennecs, vultures, eagles, peacocks, hawks and even fish. Some of animals are inspired from the paintings discovered in the Hoggar and Tassili caves. Also, the Algerian currency has glorified anonymous heroes. Among them were a Hoggar warrior (in a ticket illustrated by Issiakhem), a woman in haik, an old woman in djellaba, a lady rolling couscous, caravaners crossing the desert, a fellah on her Tractor, riders to the assault, a zaouia leader reciting children and a valiant moudjahid(martyr).

   It is possible to change the currency upon arrival at the exchange offices of the airports, in the main Algerian banks (Bank of Algeria, BNA, BEA, etc.), as well as at the reception of major hotels and in the ports. There is no limit to the amount of money you can import, regardless of its form (banknotes, checks ...). However, you must declare in writing the money, the gold, platinum or silver jewelry you intend to import into Algeria. International bank cards are far from being accepted everywhere. They can be used in large hotels, car rental agencies, some restaurants and in a few shops in downtown Algiers. It is highly important to pay attention that some Algerians still speak in pennies and forget to remove two zeros in the price indicated. For instance, if a salesperson announces "30,000" to you during your checkout, it is that he actually asks 300 DA.

The Algerian Currency (written by ARAB Sabrina)


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