عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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)
TT
20
TT

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.

Most Viewed

 
Business

OPEC+ to Boost Oil Production by 548,000 Barrels per Day in August

A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)
A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)
TT
20
TT

OPEC+ to Boost Oil Production by 548,000 Barrels per Day in August

A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)
A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. (Reuters)

Eight members of the OPEC+ alliance of oil exporting countries say they will boost production by 548,000 barrels per day in August in a move that could further reduce gas prices this year.

Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on Saturday to review global market conditions and outlook.

The group had previously announced additional voluntary adjustments in April and November 2023.

The eight countries will implement a production adjustment of 548,000 barrels per day in August 2025 from July 2025 required production level in view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on December 5, 2024, to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from April 1, 2025.

This is equivalent to four monthly increments. The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability.

The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. They reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the JMMC during its 53rd meeting held on April 3, 2024.

They confirmed their intention to fully compensate for any overproduced volume since January 2024. The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. They will meet on August 3, 2025, to decide on September production levels.