Pandemic thwarts efforts to end currency black markets, study says

Twenty-two countries now have more than one exchange rate, the Institute of International Finance (IIF) found in a report. Where official rates differ sharply from the rates available to ordinary people or businesses, that can cause a range of economic problems.

LONDON: The financial hit of the Covid-19 pandemic has slowed efforts by central banks in a range of countries to unify parallel exchange rates, leaving states such as Lebanon and Iran with currency black markets that cause more economic damage, a study found.

Twenty-two countries now have more than one exchange rate, the Institute of International Finance (IIF) found in a report. Where official rates differ sharply from the rates available to ordinary people or businesses, that can cause a range of economic problems.