Algerian Dinar

Overview

The official currency for Algeria is the Algerian Dinar (DZD). The Dinar is divided into santeem; 1 Dinar = 100 santeem. Bank notes are issued by the Central Bank of Algeria. The symbol for the Dinar is DA; the Arabic symbol is (د.ج).

Economy

• Algeria relies on the export of natural gas and petroleum.
• The Algerian economy is based on industry, which accounts for 61% of the yearly GDP.
• Unemployment in the country is 10.2%.
• The main industries are natural gas and petroleum.
• 97% of the export products are petroleum products, natural gas, and petroleum. Other export products are wool, grapes, fruit, iron, ore, wine, and cereals.
• Import products are consumer goods, foodstuffs, and capital goods.
• Inflation is rated at 5.7%.
• Fishing and agriculture account for a small part of the economy.
• Algeria has an abundance of minerals. The mining industry consists of copper, zinc, lead, iron, mercury, and calamine.
• Trade and foreign investments are lacking; more growth is needed in this sector. A new law was passed in 2005 to encourage investment.

History

• In 1964, the Algerian Dinar replaced the Algerian Franc. Banknotes were distributed in 5, 10, and 100 Dinar denominations. Coins were also issued in 50, 20, 10, 5, 2, and 1 santeem denominations.
• Commemorative coins were issued sporadically during the following decades.
• In 1970, the 500 dinar banknote was added.
• The 1 and 2 santeem coins were later withdrawn.
• In the 1980s, the 20, 10, and 5 santeem coins were withdrawn.
• In 1992, a new series of coins was introduced, as well as a new 100 dinar banknote.