Given that the convertible peso is pegged to the dollar, this translates to 10CUP:1CUC--which means a 900% devaluation of the official exchange rate
for the sectors that participate in the exchange rate adjustment.
Bankers said the move to align the official exchange rate
closer to the black market appears to show that authorities recognise foreign reserves can no longer be run down so rapidly to defend the currency.
15 official exchange rate
used by the Company to translate its 2009 earnings.
But the winner of the same EUR18,000 race in 2009, now that the official exchange rate
has fallen to just pounds 1.
Let us first concentrate on the results for the real official exchange rate
China allowed its official exchange rate
to break the psychologically important 8 yuan level to the dollar for the first time since it abolished a dollar-peg system last July, hitting 7.
1% year-on-year in the first quarter of this year to around 18 trillion manat, according to the National Statistics Institute (The official exchange rate
on April 9 was 5,200 manat/US$1.
The official exchange rate
is about 810 per US dollar but the black market rate is over 2,300.
Since the official exchange rate
of the North Korean won against the US dollar is 150, it can be said Kim is trolling for pocket change.
Inflation at 140% forecast to rise to 500% this year, an acute shortage of hard currency and the closure of bureaux de change has sent the Zimbabwe dollar into free-fall with a single US$ fetching over Z$2,000 on the black market against the official exchange rate
5% annual GDP growth rate in the past 23 years, 15% annual trade growth rate; the seventh largest economy in the world in terms of official exchange rate
and the second largest economy in terms of purchasing power.
Findings indicate that currency convertibility increased the informational connection between the government's official exchange rate
and the swap market exchange rate, exclusively traded by foreign investors, and thus improved the information content of renminbi exchange rates.