Economy
Euro and dollar prices in Algeria today, Sunday, October 24, 2021
The price of the euro against the Algerian dinar was confirmed today, Sunday, October 24, 2021, at the Central Bank of Algeria, while it recorded an increase in the parallel market.
The central bank of Algeria recorded 159.38 dinars for the purchase of the euro and 159.43 dinars for the sale.
The price of a single European currency rose to 209.64 dinars and 211.97 dinars in black market transactions.
The price of the dollar in Algeria
The dollar traded at 136.92 dinars and 136.94 dinars at the Central Bank of Algeria.
In the parallel (black) market, 180 dinars for purchase and 182 dinars for sale.
Price of pound sterling in Algeria
The exchange rate of the pound sterling at the Central Bank of Algeria was confirmed at 189.07 dinars and 189.12 dinars for sale.
In the unofficial (black) equivalent market the price of sterling was 247.68 dinars for purchase and 250.43 dinars for sale.
Rial, dirham and dinar prices in Algeria
At the Central Bank of Algeria, the Saudi riyal fell to 36.50 dinars and 36.51 dinars, while in the parallel market (black market) the riyal was confirmed to sell at 47.99 dinars and 48.52 dinars.
The UAE dirham also saw a slight decline in transactions with the Central Bank of Algeria at 37.27 dinars for buying and 37.28 dinars for sale. The price of the dirham remained stable at 49 dinars and 49.55 dinars to buy in the equivalent market (black market).
The Kuwaiti dinar was priced at 453.40 Algerian dinars and 454.66 Algerian dinars at the Central Bank.
Algeria is examining plans to change the country’s expensive subsidy system to provide direct assistance to the poor, according to a plan in the government’s draft 2022 budget.
According to a copy of the draft seen by Reuters, the plan has not yet been debated in parliament, where it could be changed, but it will include 6.311 billion dinars ($ 45.8 billion) and 5.683 billion dinars ($ 41.3 billion) in revenue.
Algeria has been consuming its hard currency reserves since the fall in oil prices in 2014, and its energy sector has been hit hard by falling sales volumes.
The task of an International Monetary Fund for Algeria urged the government to undertake comprehensive reforms to address long-term financial challenges.
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(Reuters) – European stocks fell for a fifth straight day on Wednesday as negative reports from brokerages on property owners in Britain hurt real estate stocks, while recent moves weighed on shares of Dutch insurers and Swiss bank UBS. .
The European index fell 0.2 percent, closing at its lowest level in six months.
The European real estate sector index fell 2 percent.
Land Securities, British Land and Derwent London shares fell between 3.4 percent and 4.3 percent.
Overall, market sentiment remained pessimistic with investors on the likelihood of major central banks keeping interest rates high for longer, and a slump in China’s real estate sector added to negative sentiment.
The STOXX 600 index appeared to be on track for its first quarterly loss in four years, while the German index turned out to be the worst performer at the regional level.
Meanwhile, shares of Dutch insurers took a hit after court rulings raised the prospect of huge damage claims in a long-running battle over investment-linked products.
NN shares fell 18.8 percent, while ASR shares fell 14.2 percent.
Shares of UBS Bank fell about three percent after the U.S. Justice Department stepped up scrutiny of cases of suspected noncompliance with rules that helped clients from Russia avoid sanctions.
H&M shares, on the other hand, rose 3.4 percent after the world’s second-largest clothing retailer reported a slightly larger-than-expected increase in its quarterly profit, supported by cost cuts.
(Prepared by Rehab Ala for Arabic Bulletin)
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Saudi Aramco continues its strategy of expanding petrochemical investments as part of a plan to convert 4 million barrels of oil per day into chemical products.
The Saudi oil giant has made China one of the most important markets it aims to expand into by entering into partnership or acquisition deals in the oil refining and petrochemical sector.
In this context, Saudi Aramco, one of the world’s leading integrated companies in the field of energy and petrochemicals, and Jiangsu Eastern Xinghong Company Limited (Eastern Xinghong), on Wednesday, September 27 (2023), signed a framework cooperation agreement to enter. In advising on potential acquisitions.
Acquisition Agreement Targets – Step Report Seen by Special Energy Platform – Acquisition of 10% strategic stake in Jiangsu Xinghong Petrochemical Industry Group Co., Ltd. (Jinghong Petrochemical), a wholly-owned subsidiary of East Jinggang, the deal is subject to necessary assessments and approvals.
Big investments
Xinghong Petrochemical Company owns and operates an integrated refining and petrochemical complex with a production capacity of 320 million barrels per day, as well as a methanol-to-olefins and derivatives complex.
Through its wholly-owned subsidiaries, it also has a facility for the production of refined terephthalic acid, and its facilities are located in the Petrochemical Industrial Park in Jiangsu Province.
Under the framework cooperation agreement, Saudi Aramco intends to supply crude oil and other raw materials to Shenghong Petrochemical Company. Saudi Oil Company and Shenghong Petrochemical Company intend to cooperate on a major expansion project, subject to the results of consultations between the two countries. Conclusion of parties and binding final agreements.
The new deal comes two months after Saudi Aramco closed a deal to buy a 10% stake in Rongsheng Petrochemical Co. for 24.6 billion Chinese yuan (3.4 billion US dollars).
The deal includes the export of 480,000 barrels per day of Arabian crude oil to the largest integrated refining and petrochemical complex in China owned by Zhejiang Petroleum and Petrochemical Co., Ltd., a subsidiary of Rongsheng.
Energy security in China
Mohammed Yahya Al-Qahdani, Saudi Arabia’s head of refining, chemicals and marketing, said, “Through our partnership with East China Sea, we look forward to providing Aramco with the reliable energy needed for growth, development and the long-term sustainability of China’s energy security.
He added: “The signing of the structural cooperation agreement with Saudi Aramco is an important step in our strategy in the field of refining, chemicals and marketing, which aims to increase the company’s ability to convert Arab crude oil into chemicals. Our vision to expand into the Chinese market, one of the world’s leading markets in the energy sector, is to “make China We consider ourselves an important partner today and for decades to come.”
Eastern Singhong, listed on the Shenzhen Stock Exchange, is one of the leading integrated companies in the energy and chemical industry and is keen to adopt advanced technologies in its new businesses in the energy and materials sectors.
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SINGAPORE (Reuters) – The dollar hit a 10-month high as the U.S. continues to dominate at long-term highs.
In recent trading, the euro fell 0.14 percent to $1.05575, its lowest level in six months at $1.05555. The euro is heading for a quarterly loss of more than three percent, its worst quarterly performance in a year.
It fell 0.09 percent to $1.2146 after touching a six-month low of $1.2141 on Wednesday. Sterling is heading for a quarterly loss of more than four percent.
It hit a ten-month low of 106.30.
The rise in earnings led to a fall in the yen, which rose slightly to 149.03 yen against the dollar after falling to an 11-month low of 149.185 on Tuesday.
Some experts believe a breach of the 150 yen threshold could force Japanese authorities to intervene to support the currency, as they did last year.
The Australian dollar was down 0.20 percent at $0.6385.
The New Zealand dollar was down 0.23 percent at $0.5931.
(Prepared by Marwa Salam for Arabic Bulletin – Editing by Marwa Gharib)
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