black market

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Black market

An illegal market.

Black Market

A market for products that are illegal, stolen, or otherwise need to be hidden from regulatory authorities. A black market encompasses the horrific (e.g. human trafficking) as well as the more mundane (e.g. participating in the market to evade taxes). Legal products on a black market are usually less expensive than on the regulated market because sellers do not pay taxes on their goods and services. That said, there is little or no recourse for the customer if and when a black market product fails. It is worth noting that black markets tend to be largest in jurisdictions where there are the most regulations and government monopolies. It is also known as an underground market.

black market

an unofficial or ‘under-the-counter’ MARKET trading in a product which the government has declared to be illegal (for example narcotic drugs), or on the sale of which the government has imposed controls thus limiting its availability.

black market

an ‘unofficial’ market that often arises when the government holds down the price of a product below its equilibrium rate and is then forced to operate a RATIONING system to allocate the available supply between buyers. Given that some buyers are prepared to pay a higher price, some dealers will be tempted to divert supplies away from the ‘official’ market by creating an under-the-counter secondary market. See BLACK ECONOMY.
References in periodicals archive ?
September 19, 2010 (KHARTOUM) -- The Sudanese finance and national economy minister Ali Mahmood Abdel-Rasool announced today a series of measures aimed at reducing imports to prevent further deterioration in the foreign currency reserve positions as the Sudanese pound continues to slide in the unofficial market.
As per new rules, the central bank could become an enforcer for the government's plans to control the unofficial market for US currency, while allowing the administration to continue its massive debt issues next year.
But as these festivals start to grow official or unofficial market appendages, that too is likely to change.
Commenting on this latest recall of Japanese domestic cars imported via the 'grey' unofficial market, Jim Tyrrell, managing director of Mitsubishi in the UK, said: "Although we were not responsible for importing these cars and Mitsubishi Motors in Japan were not responsible for them coming to the UK, it seems yet again we have to clear up the problems caused by unofficial importers.
As Reuters reports, "The Iranian rial has lost nearly half its value in the last yearOThough the official government exchange rate is 12,260 rials to the dollar, there is only a limited amount of these cheaper dollars available, and the unofficial market rate at which most Iranians can access dollars is closer to 19,000 rials.
We should all be aware that the existence of two different exchange rates, at banks and in the unofficial market, was not acceptable or sustainable.
Moreover, recipients of remittances in bank accounts usually withdraw these funds to benefit from better rates in the unofficial market.
In September, the government introduced a currency room rate of IRR 25,000 in order to stop the Rial from sliding any further by making importers fulfill their foreign currency requirements through this room; this would result in less people turning to the unofficial market for their hard currency requirements.
Vietnam will take measures to stabilise its foreign exchange market after the US dollar rose to over VND18,000 in the unofficial market, Dow Jones has reported.
PROBLEMS financing and insuring grey imports are increasingly rare as the unofficial market gains mainstream approval.
Intertainment is also traded in Europe on the unofficial market of the Frankfurt Exchange through the XETRA trading platform under the symbol "I4T".
But the Egyptian pound's flotation put an end to the unofficial market and the US dollar exchange rate is gradually declining.

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