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The black market exchange rates (USD to MMK) decrease during the peak of the tourist season in Burma (December to January). During the 2003 Myanmar banking crisis, the kyat's black market rate appreciated when distrust in kyat-deposited banks increased demand for kyat banknotes. [4] At its peak, the kyat traded for as high as Ks. 850/- per USD. [5]
A black market in Shinbashi in 1946 Illegal street traders in Barcelona in 2015. A black market, underground economy, shadow market or shadow economy is a clandestine market or series of transactions that has some aspect of illegality or is not compliant with an institutional set of rules. If the rule defines the set of goods and services whose ...
Currently, with no other reliable source other than the black market exchange rates, these rates are used by Reuters, CNBC, and several media news agencies and networks. [ 9 ] [ 10 ] The Economist states that the rates calculated by DolarToday are "erratic", but that they are "more realistic than the three official rates" released by the ...
When the naira was introduced, it had an official exchange rate of US$1.52 for ₦1, though a currency black market existed in which the naira traded at a discount relative to the official exchange rate. The official exchange rate set by the Central Bank of Nigeria: naira to U.S. dollar is approximately ₦767.54 per 1 US dollar.
In November 2013, it was almost one-tenth that of the official fixed exchange rate of Bs.F 6.30 per US dollar. [64] In September 2014, the currency black market rate for the hard bolívar reached 100 VEF/USD; [65] on 25 February 2015, it went over 200 VEF/USD.
Until 2012, the dollar had different exchange rates, depending on where you are buying your currency [53] Official exchange rate; Free trade zone exchange rate; Referential exchange rate; Black market exchange rate
The spot exchange rate is the current exchange rate, while the forward exchange rate is an exchange rate that is quoted and traded today but for delivery and payment on a specific future date. In the retail currency exchange market, different buying and selling rates will be quoted by money dealers. Most trades are to or from the local currency.
The market convention is to quote most exchange rates against the USD with the US dollar as the base currency (e.g. USDJPY, USDCAD, USDCHF). The exceptions are the British pound (GBP), Australian dollar (AUD), the New Zealand dollar (NZD) and the euro (EUR) where the USD is the counter currency (e.g. GBPUSD, AUDUSD, NZDUSD, EURUSD).