Algeria's Dinar Strengthens Against the Euro
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On Algeria's interbank market, where banks trade currency among themselves, the dinar has continued to strengthen against the euro. This means fewer dinars are now needed to buy one euro compared to before.
At the same time, the picture looks different with the US dollar. Reports say the dollar has been rising against the dinar, meaning the dinar has lost some value in that comparison.
This mixed trend shows that the dinar's performance depends on which foreign currency it is measured against. A currency can strengthen against one and weaken against another at the same time.
Another ongoing issue is the difference between two exchange rates for the dinar. One is the official rate, set through formal banking channels. The other is known as the Square rate, an informal rate used outside official banks.
This gap between the official and Square rates has persisted, according to the report. It has not narrowed or disappeared, despite changes on the interbank market.
Such a gap is often a sign that people trust the informal market's pricing more, or that access to foreign currency through official channels is limited. It can affect businesses, travelers and anyone needing to exchange money.
Financial analysts continue to monitor these exchange rate movements closely, as they affect the cost of imports, travel and everyday transactions in Algeria. For now, the dinar's mixed performance against major currencies remains a key point of discussion in the country's financial news.
Vocabulary10 words
- interbank market
- a place where banks trade money with each other
- dinar
- the official money used in Algeria
- euro
- the shared money used in many European countries
- currency
- the type of money used in a country
- official rate
- the exchange price set by the government or central bank
- Square rate
- an informal, unofficial exchange price
- exchange rate
- how much one currency is worth compared to another
- strengthen
- to become more valuable
- informal market
- buying and selling done outside official rules
- persist
- to continue happening without stopping
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Quiz
Answer key
1. It has continued to strengthen 2. It shows the opposite trend, weakening against the dollar 3. False
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Fill-in-the-blank listening
Play the audio again and fill in the missing words as you listen.
On Algeria's _____ market, where banks trade currency among themselves, the dinar has continued to strengthen against the _____.
At the same time, the picture looks different with the US _____. Reports say the dollar has been rising against the dinar.
This mixed trend shows that the dinar's performance depends on which foreign _____ it is measured against.
One is the _____ rate, set through formal banking channels. The other is known as the _____ rate, an informal rate.
This gap between the official and Square rates has _____, according to the report.
Such a gap is often a sign that people trust the _____ market's pricing more.
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