Views Collection

I was amazed when my friend exchanged the dollars he had in a local money exchange counter. The actual exchange rate is marked at 63.75 by the central bank but the exchange rate in those money exchange counters was 64.15. How do they manage? I was amazed and confused as well. Whenever I read newspaper my priority goes to the exchange rate column. The dollar is creeping up very slowly as the value has increased by 0.25 in the local market and this is the standard that the central bank has maintained. But how do these money exchange counters buy dollar in such an expensive rate? Probably they sell dollars in a very high rate I guess. But still this black market is vague to me. I agree that different commercial banks have different exchange rates but the difference is not this big as compared to money exchange counters. I still wonder how they have been running such money exchange counters by buying dollars above the national standard.