Further Dinar Weakening On the Cards

The past week has seen a sharp sell-off in the Algerian dinar, which tested DZD64.5/US$ on October 27, compared with levels of just over DZD59.0/US$ in late September. In light of the central bank's decision to allow significant currency depreciation, which pushed the dinar out of its two-year trendline, we have revised our year end target to DZD67.0/US$ (up from DZD64.0/US$).

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