However, he explained that companies can bypass the law through commissioning foreign institutions, working in the EGX, to conduct transactions on behalf of Egyptians, allowing the latter to receive the proceeds of selling in US dollars, especially since GDR transactions rely on the
black market exchange rate.
While product prices were calculated using the official exchange rate, payments made by credit card were charged with the official exchange rate plus the retention rate of 35%, still well below the
black market exchange rate which reached a spread of over 50% after the sharp.
However, the
black market exchange rate, which tourists use to acquire pesos, witnessed over 50% devaluation boosting inbound tourism in 2014.
In particular, the
black market exchange rate has continued the appreciation that began with President Rouhani's election, falling from an average of 35,675 Iranian rials (Dh5.
Here in Sudan my total monthly salary was 600 pounds," about $86 at the
black market exchange rate.
Mayaleh said the
black market exchange rate, which last month hit a record low of about 70 to the dollar, reflected attempts to destabilise Syria, where President Bashar al-Assad is trying to crush an 11-month-old uprising against his rule, the agency reported.
These new measures are aimed to cover the gaps between the official exchange rate and the
black market exchange rate.
He stressed that the
black market exchange rate isn't the real exchange rate and that the people who work in this field are deliberately inflating prices to take advantage of people and cause a state of worry in order to boost their business and profits, affirming that the Central Bank is capable of protecting the Syrian Pound and providing foreign currency.
The bank attributed black market inflation to shortages of hard currency that pushed the
black market exchange rate to at least 90bnZimbabwe dollars for a single US dollar, compared to the official bank exchange of 20bn.
Financial integration is measured by the
black market exchange rate.
In the economic meltdown, the
black market exchange rate for the US dollar broke the one million Zimbabwe dollar mark for the first time in late October.
The literature reviewed by Bahmani-Oskooee and Goswami (2005) reveals that PPP is supported more often when the
black market exchange rate is used in the testing procedure.
