BANKNOTES OF ALGERIA
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The history of the Algerian Dinar
During Ottoman times Algeria used the Asper, as its unit of account and as specie, although Spanish and Portuguese coins also circulated. No banknotes were issued prior to the annexation of Algeria by France. The French franc became legal tender in 1830 and Banque de l’Algerie was established in 1851 and held the monopoly on the issuance of banknotes in Algeria. The French and Algerian franc traded at par and both French and Algerian banknotes circulated in Algeria, though the majority of the coins in circulation were French with only but a few Algerian coins being locally minted.
Banque de l’Algerie became Banque de
l’Algerie et de la Tunisie in 1949, issuing banknotes for both Algeria and
Tunisia. When Tunisia formed its own central bank, the Banque de l’Algerie was
reborn on November 3, 1958. In 1959 French and Algerian banknotes were made
legal tender in both countries. In 1960 the nouveaux franc replaced the franc
germinal at a rate of 100 franc germinal to one nouveaux franc. After a long war
with France, Algeria gained its independence in 1962. In 1963, the Central Bank
of Algeria was formed and it began to issue its own franc, but this was short
lived and the franc was replaced with the Algerian dinar in 1964. The Algerian
dinar is divided into 100 centimes and the dinar’s ISO 4217 code is DZD. The
Central Bank of Algeria currently has held the monopoly on the issue of
banknotes since 1963.
Currently coins in Algeria are issued in denominations of 5, 10, 20 and 50 dinars. Centime coins and 1 and 2 dinar coins are no longer used due to a period of inflation in the early 1990 which went along with a the transition to a more capitalistic economy. Banknotes currently come in denominations of 100, 200, 500 and 1000 dinars. One thing that is odd, despite the lack of use of the centime, prices are still quoted by locals in centimes, i.e. a price of 200 dinars will be quoted as 20,000 centimes.
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Page created: 6 June 2006
Last Update: 29 June 2006
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