How to Track Parallel Market Rates With Automated Alerts
In some countries, a parallel (or black) market exists where currencies trade at rates different from the official central bank rate. Tracking these rates manually is difficult because they are not published on standard financial APIs. Here is how you can monitor them with Currency Pig. What Is the Parallel Market Rate? The parallel market rate is the exchange rate at which currencies are actually traded outside official channels. It often applies in countries with capital controls or currency shortages (e.g., Argentina, Venezuela, Nigeria, Lebanon, Egypt). The rate is usually worse than the official rate (more expensive to buy dollars). ...