Algerians Turn to Black Market as Plunging Dinar Erodes Buying Power
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Algeria has a large black market for foreign currencies like euros and dollars due to lack of confidence in the plunging value of the dinar currency.
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The widening gap between official and black market exchange rates shows Algerians' loss of buying power as the government tries to balance competing economic priorities.
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Limits on accessing foreign currency lead Algerians to rely on black market to buy imported goods like medicine or food amid shortages.
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Algeria aims to crack down on "oligarchs" and overcharging on imports, but basic good costs still swing wildly, sparking food crises.
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Economists say high euro strength and inflation have eroded the dinar's value, cutting into Algerians' purchasing power and falling living standards.