Cryptocurrency Q&A
Are black market exchange rates reliable?
Are black market exchange rates reliable?
Chiara
Wed Jan 15 2025
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5 answers
1282
I'm considering using black market exchange rates for currency conversion, but I'm not sure if they are reliable. I've heard mixed reviews and want to know if these rates can be trusted for accurate conversions.
5 answers
Giuseppe
Fri Jan 17 2025
A notable example of this scenario is Pol Pot’s Cambodia, where the official exchange rate system was abolished.
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Martino
Fri Jan 17 2025
In the absence of an official exchange rate, the black market emerged as the primary means of currency valuation and exchange.
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Raffaele
Fri Jan 17 2025
Black market exchange rates can serve as a reliable source of information in specific contexts.
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ShintoMystical
Fri Jan 17 2025
In some countries, monetary statistics are closely guarded secrets, leading to a lack of transparency in official exchange rates.
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Dario
Fri Jan 17 2025
When official exchange rates are inaccurate, individuals and businesses often rely on the black market to obtain a more realistic valuation of currencies.
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