According to a Bloomberg survey, individuals and businesses in five nations across central Asia, the Middle East and Africa are paying anywhere from 4% to 136% more than official exchange rates to get their hands on dollars. In the four months that followed China’s devaluation of the yuan in August, Bloomberg also noted that Kazakhstan, Argentina and Azerbaijan abandoned control of their exchange rates to boost competitiveness and avoid draining reserves. In countries like Tajikistan, Egypt, Nigeria, Uzbekistan and Angola thriving unregulated trading may be forcing central banks to reassess currency policy.
To read the whole article, Five Countries Being Squeezed by Currency Pegs, go to the website of Bloomberg.
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