Political sketch
Formerly Algiers and the Barbary Coast. Independent from France on 3 July 1962.
Algeria came under Ottoman rule by 1536 after its people appealed to the Ottoman Empire for protection from Spanish incursions. Barbary pirates based in present-day Algeria menaced trade in the Mediterranean Sea for centuries. In 1830, France invaded Algiers, using the suppression of piracy as its justification. By 1847 the French had subdued most resistance, though they did not extinguish rebellions entirely until 1884. The coast eventually experienced a large influx of French settlers, who became so numerous that the area was incorporated into metropolitan France and granted political representation in the French parliament. During the Second World War (1939-1945), Algeria initially sided with the French government of Vichy, which was something between neutral and allied with Germany. After the Allied invasion of French Morocco and Algeria on 8 November 1942, Algeria switched to the Free French government associated with the Allied powers. A bitter guerilla war for independence began with uprisings on 1 November 1954. The presence of many French inhabitants placed more of an obstacle in the way of independence than was the case for other French African territories.
France granted independence to Algeria on 3 July 1962. Most French inhabitants left Algeria. Algeria fought a brief war with Morocco in 1963-1964 and skirmishes in 1967 over their border, which had been established by France and pleased neither country. Algeria also supported the Polisario Front of Western Saharan guerillas against Morocco and Mauritania when they invaded Western Sahara (Spanish Sahara). Under the ruling National Liberation Front, soon after independence Algeria began to be a highly government-controlled economy. Rich deposits of oil and gas provided the country's main source of foreign exchange and continue to do so today. The FLN's long hold on power spawned discontent. Riots in 1988 prompted a new constitution in 1989 that allowed multiparty elections. When the rival Islamic Salvation Front seemed likely to win the parliamentary election of 1991, a group of military officers seized power. Islamic fundamentalist groups (especially among Berbers, who also have other grievances against the government) then launched a terrorist campaign. In the presidential election of 1999, all candidates but one dropped out amid charges of electoral fraud. An amnesty of 2000 reduced but did not eliminate guerilla activity. A popular referendum of September 2005 offered a partial amnesty to guerillas and (as of December 2005) seems to have ended the war.
Wars since 1500
Spanish Conquests in North Africa, 1505-11; Spanish-Algerine War of 1755; Algerine War (against United States), 1815; Anglo-Dutch Bombardment of Algiers, 1816; Secession of Constantine, 1826 (from Algiers); French Conquest of Algiers, 1830; First War of Abd el-Kader (Algerians against France), 1832-1834; Second War of Abd el-Kader, 1835-1837 (Algerians against France); Third War of Abd el-Kader, 1840-1847 (Algerians against France); Kabyle Revolt, 1871 (against France); Second World War in North Africa, 1942-1943 (United Kingdom, United States, and Free French forces against Germany, Italy, and Vichy French forces); Sétif Demonstration, 1945; Algerian War of 1954-1962 (against France); Algerian-Moroccan War of 1963-1964; Algerian-Moroccan Border Clash, 1967; Spanish Saharan War, 1976-1991 (Algeria supported Polisario Front Western Saharan guerillas against Morocco and Mauritania); Algerian Civil War of 1992-2005.
Convertibility
The French franc zone:
When the First World War began, France imposed a moratorium of payments on all negotiable instruments starting 1 August 1914. The moratorium was subsequently extended by decrees until 1 March 1915. The central bank, the Bank of France, abandoned the gold standard on 5 August 1914, although no official prohibition on exporting gold existed until by a decree of 3 July 1915, affirmed by a law of 15 November 1915. A decree of 2 April 1918 prohibited capital exports without authorization. A law of 25 June 1928 officially restored the gold standard and repealed exchange controls. When the French franc was an object of currency speculation , a law of 13 August 1936 imposed extensive exchange controls, supplementing some lesser measures that had been implemented in 1935.
France imposed exchange controls on 9 September 1939 by a decree of that date, after the Second World War broke out. On 20 May 1940, capital controls within the franc zone were greatly relaxed by a French decree of that date. Exchanges between France and its African colonies were cut off from the time of the Allied invasion of French Morocco and Algeria in November 1942 to about September 1944, by which time the Allies had liberated Paris and the main French port cities. Exchange controls within the franc zone were not removed until 6 June 1946. France had multiple exchange rates from 26 January 1948 until 17 October 1948, and a dual exchange rate from 18 October 1948 to 29 September 1949. On 20 September 1949 it devalued the French franc and unified the exchange rate, taking advantage of the lead offered by the United Kingdom, which had devalued the pound sterling on 18 September 1949.
Algeria:
Algeria established a government monopoly on foreign exchange transactions on 1 November 1967 (IMF ARER 1968: 22). On 8 September 1990, significant liberalization came to the foreign-exchange market when businesses became eligible to open foreign-exchange accounts; previously only individuals could do so (Banque d'Algérie, Regulation No. 90-02, cited im IMF ARER 1991: 10).
Other
Defaults on or restructurings of debt to the private sector (mainly from Purcell and Kaufman 1993 and Standard & Poor's 2004): 1991-1996 (foreign currency bank debt).
Banking crises (data since 1970s mainly from Caprio and Klingebiel 1999 and Frydl 1999): Some sort of crisis in the late 1800s (mentioned in passing in BCEAO 2000, v. 1: 283); nonperforming loans reached 50% 1990-1992.
Frankel and Rose (1996) list of currency crashes: 1991.
References
Primary sources:
--Laws and decrees:
Algeria. Gazette. 1834-present. Bulletin officiel des actes du gouvernement (1834-1857); Bulletin officiel de l'Algérie et des colonies (1858-1861); Bulletin officiel du Gouvernement générale de l'Algérie (1861-1926); Journal officiel de l'Algérie (1927-1958); Receuil des acts administratifs de la Délégation générale de l'Algérie (1958-1959); no publication 1959-1962?; Journal de l'État algérien (1962-1962); Journal officiel de la République algérienne (1962); Journal officiel de la République algérienne démocratique et populaire (in Arabic, al-Jardah al-rasmyah - al-Jumhryah al-Jaz'iryah al-Dmuqrtyah al-Sha'byah) (1962-present). Algiers (1834-1857, 1861-present); Paris (1858-1861): Ministre de la Guerre (1834-1857); Imprimerie de Schiller (1858-1861); Imprimerie Officielle (by 1962-present).
France. Gazette. 1762-present. Gazette de France (1762-1789); Gazette nationale de France (1789-1799); Bulletin des lois (1791-1831; a separate publication); La gazette nationale ou le moniteur universel (1799-1810); Moniteur universel (1811-1848); Moniteur universel: journal officiel de la République française (1848-1852); Journal officiel de l'Empire français (1852-1870); Journal officiel de la République française (1871-1941); Journal officiel de l'État français (Vichy France, 1941-1944); Bulletin officiel des Forces françaises libres (Free France, 1940-1941); Journal officiel de la France libre (Free France, 1941); Journal officiel de la France combattante (Free France, 1941-1943); Journal officiel du Haut commissariat de France en Afrique (Free France, 1943); Journal officiel du Commandement en chef français en Afrique (Free France, 1943); Journal officiel de la République française (Free France, 1943-1944; France, 1944-present). Paris (1762-1940, 1944-present); Vichy (1940-1944); London (Free France, 1941-1943); Algiers (Free France, 1943-1944): Imprimerie des Journaux Officiels (1944?-present). Many issues are in France, Legifrance Web site (see below).
France. Legifrance Web site, <http://www.legifrance.gouv.fr>. Reference site for French treaties, laws, and decrees, including the full text for recent items.
France. Colonial/overseas gazette. 1887-1961. Bulletin officiel (1887-1953; new series, 1953-1959); Bulletin officiel de l'administration provisoire des services du Ministère de la France d'Outre-Mer (1959-1961). Issued by Ministère des Colonies (1887-1950); Ministère de la France d'Outre-Mer (1950-1961). Paris: Imprimerie Nationale.
--Publications of monetary authorities:
Banque Centrale d'Algérie. The central bank may have issued no public annual reports during its existence under this name.
Banque d'Algérie (Bank al-Jaz'ir). Annual report. 2001-present. Rapport annuel. Algiers: Banque d'Algérie. (Reports since 2001 are online; I have found no earlier reports.)
Banque d'Algérie (Bank al-Jaz'ir). Bulletin. 2003-present. Tendances monétaires et financières. Algiers: Banque d'Algérie.
Banque de France. Annual report. 1800-1851. Assemblée générale des actionnaires de la Banque de France. Paris: Imprimerie de la Banque de France.
Banque de l'Algérie. Annual report. 1852-1947, 1958-1962. Compte rendu de l'exercise. Paris: Banque de l'Algérie. (The bank was called the Banque de l'Algérie et de la Tunisie for about a decade; see its annual report listed separately below.)
Banque de l'Algérie. Bulletin. 1958-1962. Bulletin d'information.. Paris: Banque de l'Algérie. (The bank was called the Banque de l'Algérie et de la Tunisie for about a decade; see its annual report listed separately below.)
Banque de l'Algérie et de la Tunisie. Annual report. 1948-1957. Compte rendu de l'exercise .... Paris: Banque de l'Algérie et de la Tunisie. (Before and after this period, the bank was called simply the Banque de l'Algérie.)
Banque de l'Algérie et de la Tunisie. Bulletin. 1950-1958. Bulletin d'information. Paris: Banque de l'Algérie et de la Tunisie. (Both before and after this period, the bank was called simply the Banque de l'Algérie.)
--Web site of the current monetary authority (viewed 18 April 2005):
<http://www.bank-of-algeria.dz>, especially the file "Présentation de la Banque d'Algérie."
--Other publications or Web sites:
Comité Monétaire de la Zone Franc. Secrétariat. 1953-present. Premier [etc.] rapport annuel du Comité de la zone franc établi en exécution du décret du 5 fevrier 1952 (art. 4, §2) (1953-1956); La zone franc en 1957: cinquième rapport annuel du Comité Monétaire de la Zone Franc (1957); La zone franc en ...: rapport publié par le Secrétariat du Comité Monétaire de la Zone Franc (1958-1983); La zone franc: rapport ...: publié par le Secrétariat du Comité Monétaire de la Zone Franc (1984-1991); La zone franc: rappport annuel ...; publié par le Secrétariat du Comité Monétaire de la Zone Franc (1992-2003; inside page says La zone franc en ...); Rapport annuel de la zone franc (2004-present; inside cover says La zone franc: rapport annuel ...). Paris: Imprimerie Nationale (1953-1956); Secrétariat du Comité Monétaire de la Zone Franc (1957-1991; 1957 is a mimeo with no explicit publication information); Banque de France (1992-present). Recent issues are available on the Web site of the Banque de France, <http://www.banque-france.fr/fr/eurosys/zonefr/zonefr.htm>.
France. Commision de Surveillance des Banques Coloniales. 1875-1939. Rapport au président de la république sur les opérations des banques coloniales d'émission pendant l'exercise ... (1873/1874-1936/1937); Rapport au président de la république sur les opérations des banques coloniales d'émission ... (1927/1929-1936/1937). Paris: Imprimerie Nationale.
Main secondary sources:
Banque de l'Algérie et de la Tunisie. 1952. Célébration du centenaire de la Banque de l'Algérie et de la Tunisie. Paris: Banque de l'Algérie et de la Tunisie. (I have not seen this.)
BCEAO. 2000. Banque Centrale des États de l'Afrique de l'Ouest. L'histoire de l'Union monétaire ouest africaine, v. 1 (Des origines à 1958), v. 2 (De 1958 à 1977), v. 3 (Bilan et perspectives). Paris: Georges Israël Éditeur. English translation History of the West African Monetary Union, v. 1 (From the Origins to 1958), v. 2 (1958-1977), v. 3 (Assessments and Prospects). Paris: Georges Israël, 2002. (Passing mentions to Algeria.)
Bruce II, Colin R., and Thomas Michael. 2004. Standard Catalog of World Coins: 19th Century, 1801-1900, 4th edition. Iola, Wisconsin: Krause Publications. (The series of the Standard Catalog of World Coins may be listed in library catalogs as under the authorship of Chester L. Krause.)
Ernest-Picard, Paul. 1930. La monnaie et le crédit en Algérie depuis 1830. Collection du centenaire de l'Algérie, part 2B. Institutions politiques et financières, no. 11. Algiers: J. Carbonel / Paris: Plon.
IMF ARER. 1950-present. International Monetary Fund. Annual Report on Exchange Restrictions (1950-1978), Annual Report on Exchange Arrangements and Exchange Restrictions (1979-1988), Exchange Arrangements and Exchange Restrictions: Annual Report (1989-present). Washington: International Monetary Fund. (Contains information on IMF member countries and some of their dependencies.)
Jaïs, Maurice. 1902. La Banque de l'Algérie et le crédit agricole. Paris: Arthur Rousseau.
Krause, Chester L., and Clifford Mishler. 2002. Standard Catalog of World Coins: 18th Century, 1701-1800, 3rd edition. Iola, Wisconsin: Krause Publications. (The series of the Standard Catalog of World Coins may be listed in library catalogs as under the authorship of Chester L. Krause.)
Rossignoli, Bruno. 1973. The Banking System of Algeria. Milan: Cassa di Risparmio delle Provincie Lombarde.
Monetary authorities: Algeria
| Dates | Type | Name | Source | Remarks |
| 1 October 1849
-31 October 1851 |
dollarization | French franc (issued by central bank Banque de France [headquarters Paris, France]) | France, arrêté of 27 August 1849 approving Comptoir National d'Escompte; Ernest-Picard (1930: 96) | The first bank was the Comptoir National d'Escompte (headquarters Paris, France), in Algiers. The Bank of France was authorized to open a branch in Algeria (France, law of 19 July 1845), but it never did. |
| 1 November 1851
-16 May 1946 |
private monopoly issue (as part of a currency union with Tunisia from 7 May 1904) | Banque de l'Algérie (headquarters Paris, France) | France, law of 4 August 1851 chartering Banque de l'Algérie, cited in France, Legifrance Web site | The Banque de l'Algérie replaced the Comptoir National d'Escompte. Over time the new bank occupied itself less and less with commercial banking and became more and more a central bank. The second bank was the Compagnie Algérienne (later called the Compagnie Algérienne de Crédit et de Banque [headquarters Paris, France]), in Algiers in 1877. Crédit Lyonnais (headquarters Lyon, France) was not far behind, with branches in Algiers and Oran in 1878 (Rossignoli 1973: 55-6). Coins had been minted since late 200s BC; the first coins under French rule specifically for Algeria were minted in 1944 (but they said "France" and not "Algeria" until 1949). |
| 17 May 1946
-27 August 1962 |
monetary institute (as part of a currency union with Tunisia to 3 November 1958) | Banque de l'Algérie / Banque de l'Algérie et de la Tunisie from 12 January 1949 / Banque de l'Algérie from 3 November 1958 (headquarters for all Paris, France) | France, Law No. 46-1070, 17 May 1946; Law No. 49-49, 12 January 1949; Ordonnance No. 58-1131, 25 November 1958 | France nationalized the Banque de l'Algérie in accord with a policy since the 1930s to nationalize note issue and after Second World War to nationalize banks (which had been done in France by a law of 2 December 1945). The Banque de l'Algérie issued currency in Tunisia until that country established a central bank. |
| 28 August 1962
-31 December 1962 |
monetary institute (technically, alongside government note issue) | Banque de l'Algérie (headquarters Paris, France) | Algeria and France, Protocole confirmant à titre provisoire le privilège d'émission de la Banque de l'Algérie, 28 August 1962, cited in Rossignoli (1973: 64 n. 1) | Technically, the note issue was under the control of the Algerian government during this period, but in practice there seems to have been no difference from the previous period. |
| 1 January 1963
-30 September 1968 |
central bank | Banque Centrale d'Algérie (headquarters Algiers, Algeria) | Algeria, Statut de la Banque Centrale d'Algérie, Law 62-144, 13 December 1962, cited in Banque d'Algérie Web site, viewed 18 April 2005; Decree No. 62-158, 31 December 1962, cited in Rossignoli (1973: 68) | Algeria established a central bank established soon after independence to satisfy nationalist sentiment. The central bank took over issuance of coins from the Algerian Treasury. Algeria joined the IMF on 26 September 1963. Nationalization began in 1963 with "people's banks" serving small savers and borrowers (Algeria, law of 9 March 1963, cited in Rossignoli 1973: 91). Commercial banks were nationalized in steps staring with Algeria, ordonnance of 8 June 1966. |
| 1 October 1968
-13 April 1990 |
monobank | Banque Centrale d'Algérie (headquarters Algiers, Algeria) | Rossignoli (1973: 93-5) | Nationalization of foreign and domestic banks was complete by 1 October 1968; from that date the entire banking system was used as a tool of central planning. |
| 14 April 1990
-present (2005) |
central bank | Banque d'Algérie or Bank al-Jaz'ir (Bank of Algeria) (headquarters Algiers, Algeria) | Algeria, Law 90-10, 14 April 1990, cited in Banque d'Algérie Web site, viewed 18 April 2005 | Began financial reliberalization and redefinition of the role of the central bank. |
Exchange rate arrangements: Algeria
| Dates | Official arrangement | Source | Unofficial arrangement, if different | Remarks |
| 1700s
-1821 |
fixed; 1 Algiers budju = about 11?g silver (the gross weight of the coin was about 13.5g) | Krause and Mishler (2002: 15) | In the 1700s, the asper was the unit of account. In Turkey, 120 asper = 1 Ottoman piastre. Coinage standards were not uniform throughout the empire, though. The budju was minted to satisfy demand for a larger coin. The currency subdivisions were 1 budju = 24 muzuma, 1 mazuma = 2 kharuba, and 1 kharub = 14.5 asper. | |
| 1821
-1830 |
fixed; 1 Algiers budju = about 8?g silver (the gross weight of the coin was about 10g) | Bruce and Michael (2004: 26) | Devalued. | |
| 1830
-3 August 1851 |
fixed; used French franc | France, arrêté of 7 September 1831 by lieutenant-general of forces in Algeria, cited in Ernest-Picard (1930: 64) | The French franc was used from the start of the French conquest of Algeria. It was a decimal currency. The arrêté cited decreed that French francs were to be compulsorily received in payments. | |
| 4 August 1851
-November 1942 |
pegged (as part of a
currency union with
Tunisia from 7 May
1904); 1 local franc
= 1 French franc |
France, law of 4 August 1851 chartering Banque de l'Algérie, cited in France, Legifrance Web site | A de facto distinct currency began as the Banque de l'Algérie issued notes. Algeria, arrêté of 11 August 1851, said that only French francs would be received in official payments (Ernest-Picard 1930: 68). The Algerian franc, whose name derived from the French franc, was not legally a separate currency until the Allied invasion of North Africa in November 1942. Algeria's government finances were part of those of France until separated in 1900 (France, law of 23 December 1900). | |
| November 1942
-2 February 1943 |
pegged (as part of a currency union with Tunisia); 300 Algerian francs = UKŁ1 and 50 Algerian francs = US$1 | Mazard (1953: 106) | Switched to the pound sterling and US dollar as the anchor currencies following the Allied invasion of North Africa during the Second World War. These exchange rates, imposed unilaterally by the British and US invasion force, were a substantial depreciation from the prewar cross rates of 176.625 French francs = UKŁ1 and 43.80 French francs = US$1. The metropolitan French franc was still under the control of the Vichy regime. France, arrêté of 18 December 1945, for legal purposes declared the period of interruption of communications between France and its colonies as having lasted from 5 November 1942-31 December 1944. The name "franc" for the currency came from the French franc. | |
| 3 February 1943
-5 December 1944 |
pegged (as part of a currency union with Tunisia); 200 Algerian francs = UKŁ1 and 50 Algerian francs = US$1 | Anglo-Free French agreement of 2 February 1943, cited in Mazard (1953: 106) | The Free French government persuaded the British and US governments to adopt exchange rates that represented much less of a devaluation than those they initially imposed when invading North Africa. The new rates applied also to local francs in other areas under the control of the Free French government, which by this time included almost all French colonies. | |
| 6 December 1944
-31 December 1959 |
pegged (as part of a currency union with Tunisia to 3 November 1958); 1 Algerian franc = 1 French franc | Anglo-Free French agreement of 8 February 1944, cited in Mazard (1953: 106) | RR: From January 1955, when data begin, parallel market premiums against the US dollar are nearly identical to those of the French franc, the anchor currency. | Following the liberation of most of France by the Allies during the Second World War, the metropolitan French franc was devalued to the level of the overseas francs under Free French control. Doing so in effect restored the French franc as the anchor currency. France, Law No 59-784, 2 July 1959, made bank notes of France and Algeria legal tender in both countries. |
| 1 January 1960
-9 April 1964 |
pegged; 1 (new) Algerian franc = 1 (new) French franc | France, Ordonnance No. 58-1341, 27 December 1958; Ministry of Finance and Economic Affairs, Circulaire du 19 novembre 1959 relative au nouveau franc, 19 November 1959; Decree No. 59-1450, 22 December 1959 | RR: Parallel market premiums against the US dollar are at first nearly identical to those of the French franc, the anchor currency; then mostly double-digit premiums starting May 1962, shortly before Algeria became independent. | France redenominated its franc at 1 new French franc = 100 old French francs. Algeria, being subject to metropolitan French law, underwent the same redenomination of 1 new Algerian franc = 100 old Algerian francs. |
| 10 April 1964
-30 September 1968 |
pegged; 1 Algerian dinar = 0.18g gold = 1 French franc | Algeria, Law 64-111, 10 April 1964, cited in IMF ARER (1965: 31) | RR: Parallel market, with premiums 30-70%. Introduced foreign exchange controls 1967. De facto band width +/-5%. | Introduced a new currency at 1 Algerian dinar = 1 Algerian franc to emphasize Algeria's distinctive Arab identity, since the dinar was a longstanding monetary unit of Arab countries, as opposed to the franc, a unit of French origin. "Dinar" comes from the Latin denarius, an ancient Roman coin that had both silver and gold versions (the latter called the denarius aureus). |
| 1 October 1968
-10 August 1969 |
repressed (pegged); 1 Algerian dinar = 0.18g gold = 1 French franc | Rossignoli (1973: 93-5) | RR: Parallel market, with premiums 30-70%. De facto band width +/-5%. | Completed central planning of the monetary system with the nationalization of all banks. |
| 11 August 1969
-22 August 1971 |
repressed (pegged, dual rate); official rate 1 Algerian dinar = 0.18g gold = 1.24499 French francs | IMF ARER (1970: 27) | RR: Parallel market. De facto managed float from 1 August 1972. | The dinar retained its previous gold parity when France devalued the French franc. Dual exchange rates began in 1969, apparently around this time; a rate of 1 Algerian dinar = 1 French franc applied to certain transactions, such as remittances of convertible currencies from Algerians working abroad. |
| 23 August 1971
-20 January 1974 |
repressed (pegged, dual rate); official rate 1 Algerian dinar = 0.18g gold (nominally) = 1.24499 French francs | IMF ARER (1972: 28) | RR: Parallel market. De facto managed float. | Gold convertibility for all countries ended in practice when the United States abandoned the gold standard on 15 August 1971. Algeria was pegged to the French franc and not to the US dollar. Algeria registered a gold parity with the IMF on 20 July 1973; it was the parity previously existing by Algerian law. |
| 21 January 1974
-31 March 1978 |
repressed (flexible basket, dual rate); official rate 1 Algerian dinar = 0.18g gold (nominally) | IMF ARER (1975: 33) | RR: Parllel market with premiums sometimes over 100%. De facto crawling band of +/-5% around US dollar. | Switched to an undisclosed, import-weighted basket of currencies as the anchor. Algeria took this step after France ceased participation in the joint managed float [check that this is how the table for France classifies it when done] of the Western European "snake" and floated the French franc against all currencies on 19 January 1974. |
| 1 April 1978
-1988 |
repressed (flexible basket, dual rate) | International Monetary Fund, Board of Governors, Resolution No. 31-4, 30 April 1976 ("Second Amendment") | RR: Parallel market premium reaches 469% April 1985. De facto crawling band of +/-5% around US dollar. | The system of gold par values officially ended by agreement of IMF members. |
| 1988
-13 April 1990 |
repressed (flexible basket) | IMF ARER (1989: 6, 568) | RR: Parallel market premium in triple digits. Managed float. | The dual exchange rate apparently ended sometime in 1988, but IMF ARER gives no details. |
| 14 April 1990
-30 September 1994 |
flexible basket | consequence of Algeria, Law 90-10, 14 April 1990, cited in Banque d'Algérie Web site, viewed 18 April 2005 | RR: Parallel market premium in triple digits. Managed float / parallel market to March 1994. Freely falling / managed float April-September 1994. | Algeria began liberalizing its financial system, reducing central planning. On 31 March 1994, the currency was devalued by 7.3% to 25.90 Algerian dinars = US$1, a 7.3% devaluation (IMF ARER 1995: 11). |
| 1 October 1994
-present (2005) |
managed float | IMF ARER (1995: 12) | RR: Parallel market premium above 100% through December 1998, when parallel market data end. Freely falling / managed float to January 1995. De facto crawling band around French franc, with band width +/-2%, February 1995-31 December 1998. De facto crawling band around European euro, with band width +/-2%, 1 January 1999-December 2001, when RR's official rate data end. | Devalued to 41 Algerian dinars = US$1 and floated. The central bank established an interbank foreign-exchange market on 2 January 1996 (IMF ARER 1997: 18). |