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Algeria Introduces New Series of Banknotes, Coins

A man counts Algerian Dinar banknotes in Algiers. (Reuters)
A man counts Algerian Dinar banknotes in Algiers. (Reuters)
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Algeria Introduces New Series of Banknotes, Coins

A man counts Algerian Dinar banknotes in Algiers. (Reuters)
A man counts Algerian Dinar banknotes in Algiers. (Reuters)

The Central Bank of Algeria on Sunday issued into circulation two new banknotes at denomination of 500 and 1,000 Algerian dinars, as well as a new coin with face value of 100 dinars.

These new series of banknotes and coins bear portraits of some of Algeria's historical and modern elements, such as the Algerian satellite Alcomsat 1, the Great Mosque of Algiers, and two historical figures, namely the founder of modern Algeria, Emir Abdelkader, and Berber King of Numidia, Jugurtha.

The 100-dinar coin is made up of three different metals. The circlet is made of gray stainless steel, while the core is made of pinkish-yellow copper and nickel.

Secretary-General of the Central Bank Lahbib Goubi told reporters that these new notes and coins will be put into circulation by mid-February.

He added that this move aims at "refreshing the money in circulation" rather than "changing the national currency."

In Algeria, there are nine different coins, the values of which range from 50 cents to 200 dinars.

As for notes, there are those of 100 dinars, 200 dinars, 500 dinars, 1,000 and 2,000 dinars.

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China's Iran Oil Imports Surge in June on Rising Shipments, Teapot Demand

FILE PHOTO: An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS
FILE PHOTO: An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS
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China's Iran Oil Imports Surge in June on Rising Shipments, Teapot Demand

FILE PHOTO: An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS
FILE PHOTO: An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS

China's Iranian oil imports surged in June as shipments accelerated before the recent conflict in the region and demand from independent refineries improved, analysts said.

The world's top oil importer and biggest buyer of Iranian crude brought in more than 1.8 million barrels per day (bpd) from June 1-20, according to ship-tracker Vortexa, a record high based on the firm's data.

Kpler's data put the month-to-date average of China's Iranian oil and condensate imports at 1.46 million bpd as of June 27, up from one million bpd in May.

The rising imports are fueled in part by the accelerated discharge of high volumes of Iranian oil on the water after export loadings from Iran reached a multi-year high of 1.83 million bpd in May, Kpler data showed.

It typically takes at least one month for Iranian oil to reach Chinese ports, Reuters reported.

Robust loadings in May and early June mean China's Iran imports are poised to remain elevated, Kpler and Vortexa analysts said.

Independent Chinese "teapot" refineries, the main buyers of Iranian oil, also showed strong demand for the discount barrels as their stockpiles depleted, said Xu Muyu, Kpler's senior analyst.

A possible relaxing of US President Donald Trump's policy on Iranian oil sanctions could further bolster Chinese buying, she added.

Trump said on Wednesday that Washington has not given up its maximum pressure campaign on Iran - including restrictions on Iranian oil sales - but signaled a potential easing in enforcement to help the country rebuild.

For this week, Iranian Light crude oil was being traded at around $2 a barrel below ICE Brent for end-July to early-August deliveries, two traders familiar with the matter said, compared to discounts of $3.30-$3.50 a barrel previously for July deliveries.

Narrower discounts were spurred by worries that oil flows could be disrupted through the Strait of Hormuz, a critical waterway between Iran and Oman, traders said.

Market fears for a closure of the chokepoint had escalated after last weekend's US attack on Iranian nuclear sites but eased after Iran and Israel on Tuesday signaled a ceasefire.

Tighter discounts for Iranian oil come amid a retreat in futures prices. ICE Brent crude futures hovered at $68 per barrel on Friday, their level before the Israel-Iran conflict began and down 19% from Monday's five-month peak.