black market rate
Illicit currency price
The black market rate is the unofficial exchange rate at which currencies trade outside legal channels, typically when governments restrict currency conversion or set artificial official rates.
The gap between official and black market rates reflects economic pressures and currency controls: The official rate was 10 pesos to the dollar, but the black market rate was closer to 25.
Also called the parallel rate or street rate.
- unofficialNot formally recognized
- parallelEquidistant at all points
- street valueIllegal merchandise cost
- undergroundBelow ground or countercultural
- currencyMedium of exchange
hard currency · exchange · foreign exchange · money changers · smuggling · contraband · shadow · back alley · illicit · inflation · foreign · dollars · street · premium · devaluation · forex · capital flight · pesos
- forex eventsdevaluation, revaluation, currency crash, currency speculation, currency reform