I used to travel to Lebanon a lot for work, and I used to exchange USD for a much higher rate than the official bank rate. How did those selling the USD at this much better make profits?
In: Economics
Do you mean how can they *buy* USD from you at a better rate than the official rate? They’re selling USD to Lebanese people at a similar rate and to do that they need USD. Since they can’t buy USD from the bank at the official rate, they need to get it from you.
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