What is the Algerian Dinar (DZD)?
Credit Ratings & Outlook
Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.
Central Bank Rate
The current central bank interest rate is 4.00%. This is the same as 2011, which was 4.00%.
In 2010 the total GDP was $161,979,404,726 in US Dollars, while the per capita GDP was $4,566. It grew by 3.30% over the previous year.
The latest unemployment rate for 2010 is 9.99%.
Consumer Price Index
The latest consumer price index for 2010 is 122.21.
The current head of the government is Prime Minister Ahmed Ouyahia, and the head of state is President Abdelaziz Bouteflika (in an executive role).
The dinar (DZD) is the official currency of Algeria, whose name stems from the Roman “denarius.” Divided into 100 centimes, the dinar is pegged to a basket of currencies
in what is known as a composite regime. The current series of notes was issued in 1981, 1992, and 1998; some older notes, however, may be redeemed until 2008.
- Importing and exporting local currency is prohibited for foreigners.
- Only residents are allowed to do so, with a cap on 200 DZD.
- Foreign currency may be imported for free, but must be declared.
- Foreign currency export is limited to the amount imported.
- Foreigners must have proof of foreign currency exchange in order to leave the country.
Sovereign Ratings for Algeria
Algeria is not rated.
What does it look like?
Algeria is led by a President of the republic, who is elected to a five-year term to serve as head of state. The President is also the head of the Council of Ministers (whose members are appointed by the Prime Minister) and of the High Security Council. The Prime Minister, appointed by the President, is also the head of the government.
Algeria has a bicameral parliament, comprised of a lower and upper chamber. The former is entitled the National People’s Assembly (APN), and has 380 members. The latter, also known as the Council of Nation, has 144 members. Elections for the APN are twice a decade.
- Prominent Figures President: Abdelaziz Bouteflika
- Prime Minister: Ahmed Ouyahia
- Governor of Central Bank of Algeria: Mohamed Lekasassi
Key Economic Factors Economic Overview
Algeria’s economy is largely characterized by its “backbone” hydrocarbons sector, which accounts for roughly one-third of the nation’s GDP, 60% of budget revenues, and over 95% of export earnings. Algeria has the seventh largest natural gas reserves in the world and stands second in gas exports (and 14th in oil reserves). In recent years, the nation has seen strong improvements in financial and macroeconomic indicators-mostly, due to sustained high oil prices as well as macroeconomic policy reforms supported by the International Monetary Fund (IMF). Algeria runs substantial trade surpluses and is on its way to building up record foreign exchange reserves. To its credit, the government has been putting forth continued efforts to diversify Algeria’s economy in order to attract foreign and domestic investment outside of the energy sector. However, the government has proven unsuccessful in reducing high unemployment levels and trying to improve living standards.
- Industries: Petroleum, natural gas, light industries, mining, electrical, petrochemical, and food processing.
- Agricultural Products: Wheat, barley, oats, grapes, olives, citrus, fruits, sheep, and cattle.
- Imports: Capital goods, foodstuffs, and consumer goods.
- Exports: Petroleum, natural gas, and petroleum products.
1 Algerian Dinar to:
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- Other Currencies Accepted:French Franc, United States Dollar
- Currency Peg: Yes (composite)
- Black Market for Currency: Yes
- Currency Volatility: High
- Estimated GDP Per Capita: 6,600 USD (2004)
- Languages Spoken: Arabic (official), French, Berber dialects