Black Market Exchange Rate

Black Market Exchange Rate

An exchange rate for a currency that differs from the official exchange rate set by a government. The black market exchange rate occurs when the official rate bears little or no relationship to the currency's actual value. Using the black market exchange rate can be a punishable offense in the country issuing the affected currency.
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As long as there is an active black market (read: free market) for currency and the black market data are available, changes in the black market exchange rate can be reliably transformed into accurate measurements of countrywide inflation rates.
As part of the scheme, exchange houses sold dollars for bolivars on parallel markets at a higher, black market exchange rate than the official government rate.
The largest bill under the outgoing cash system was the 100,000-bolivar note, equal to less than 3 cents on the commonly used black market exchange rate. A cup of coffee cost over 2 million bolivars.
The gardens have a miniscule annual budget of 200 million bolivars, just $66 at the black market exchange rate, staff said, adding they have petitioned the government for more resources.
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.
The black market exchange rate (http://www.bloomberg.com/news/articles/2016-02-03/venezuela-bolivar-falls-through-1-000-per-dollar-in-black-market) has soared in response.
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.
"Here in Sudan my total monthly salary was 600 pounds," about $86 at the black market exchange rate."Now I have a contract with a private hospital in Saudi Arabia that will pay me 8,000 rials ($2,133)," the doctor said at a government office crowded with Sudanese completing their paperwork to emigrate.
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. Observers expect the Syrian pound to drop to SP74 per dollar.
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.