Best Bitcoin Exchange for Algeria

The official currency in Algeria is the Algerian Dinar. The Algerian dinar, introduced in 1964, replaced the colonial Algerian franc at face value and was issued by the Algerian Central Bank in both banknotes and coins. While the Algerian dinar performed well on the international markets in the 1960s, inflation, which has risen in recent years, has had a negative impact on the value.

The Algerian Budju

Before the colonization of Algeria by France in the mid-19th century, the official currency in circulation was the Budju. The Budju consisted of 24 subdivisions known as Muzuna. The Muzuna was further divided into two Kharub or 29 Asper. At the time when Budju was the official currency in Algeria, coins were put into circulation and existed in various denominations, including the two aspermint coins (the lowest denomination at the time) and the five aspermint coins, both made of copper.

Muzuna coins were minted as silver coins and issued in denominations of 3, 4, 6, 8 and 12. The 1 and 2 Budju coins were also minted as silver coins. The Sultani was the highest denomination and consisted of one quarter, one half and one Sultani gold coin. The Budju was later replaced by the Algerian Franc, which was introduced in the 19th century by colonial French.

The Algerian Franc

The Algerian franc was adopted in 1848 as the official currency in Algeria after colonisation by France. During its adoption, the Algerian franc was equal in value to the French franc, but was later revalued in 1960 to maintain parity with the French franc. During the 1960 appreciation of the Algerian franc, a newly introduced Algerian franc corresponded to 100 old Algerian francs. The Algerian franc consisted of subdivisions known as centimes, with 100 centimes forming the 1 Algerian franc. The Algerian franc was replaced by the Algerian dinar in 1964.

The Algerian Dinar

The Algerian dinar is the official currency in Algeria and is abbreviated as DZD on international money markets. The Algerian dinar was adopted in April 1st, 1964, as a replacement of the Algerian franc at par after the country’s independence from France in 1962. The term dinar is derived from the Roman word “denarius”. During its adoption, an Algerian dinar consisted of 100 subdivisions known as Santeem, which no longer exist. The Central Bank of Algeria issued Algerian dinar banknotes in 5, 10 and 100 denominations and Algerian santeem coins in 1, 2, 5, 10, 20 and 50 denominations. Other variants of the Algerian Santeems were minted in the 1970s exclusively for commemorative purposes. However, the existence of the Algerian Santeems was short-lived, as the last Santeem coins were minted in the 1980s.

After the withdrawal of the Santeem from circulation, the Algerian central bank issued a new series of Algerian dinar coins in 1992, which were minted in 100, 50, 20, 10, 5, 2, 1, a half and a quarter dinar to replace the outdated Santeem. However, the increase in inflation observed in recent years has led to the disappearance of all parts of the dinar from circulation, with 1- and 2-dinar coins rarely being used. The Central Bank of Algeria added the 500 Algerian dinar note in 1970 and the 1000 Algerian dinar note in 1992.

Foreign use of the Algerian dinar

In addition to Algeria, the Algerian dinar is also used as a currency in the Democratic Arab Republic of Sahara.

At a Glance

• Currency code: DA, DZD
  Banknotes are in circulation in denominations of 1,000, 500 and 200 dinars. The 100 dinar note is replaced by coins. Coins are used in the denominations of 100, 50, 20, 10 and 5 dinars, more rarely also 1 and 2 dinar coins.
• Currency exchange: it is recommended to take cash in euros or US dollars with you. Exchanges can be made in banks and larger hotels. With Western Union you can have money sent from abroad to Algeria to the branches of some banks (Société Générale, Post).
• When entering Algeria, adults must exchange at least 1,000 DA worth of foreign currency (half for travellers under the age of 18; for package holidays this is normally included in the price). A receipt is issued for each exchange, and the amount is entered in the currency declaration. The receipt must be kept. The form and the receipts must be handed in on departure. The foreign exchange declaration may have to be presented at the hotel to ensure that the dinars for payment of the hotel bill have been lawfully purchased. If you buy tickets abroad in Algeria, you will need to exchange foreign currency and present the exchange receipt and declaration. Outside airports and border posts, the exchange possibilities are limited. A warning is issued against exchanging currency on the black market, as foreign exchange offences can be severely punished.
• Credit cards: American Express, Visa and MasterCard are accepted to a very limited extent (in upscale hotels in major cities).
• Travelers Cheques: should be denominated in US dollars or euros. They are only accepted in upscale hotels and state souvenir shops in the capital Algiers.
• ATMs: There are only a few ATMs in major cities where you can withdraw money with a credit or debit card.
• Foreign exchange regulations: Foreign exchange must be declared at the Algerian customs when entering the country. On departure, proof of use or exchange must be presented. The export of Algerian dinars is strictly prohibited.
• Bank opening hours: Sun – Thursday 08.00 – 16.30 o’clock