A black market for dollars emerges in Pakistan

Added woe: Workers check the finish of soccer balls before packing them in a factory in Sialkot. Illegal trading in the dollar has sprung up after the central bank restricted access to foreign currency to preserve dwindling reserves. — Reuters

KARACHI: In the money-changing businesses of Karachi, the exchange rate for buying dollars is still on display. But attempt to purchase the currency and operators will say they don’t have any left.

Investigate a little more and a different story emerges. There are still ways to get the greenback, several money changers said, but it costs about 10% more than the advertised rate.