Black market for foreign currencies!

Yesterday, i opened my mail to be surprised by the contents of my credit card statement. I made a purchase on the internet at the start of the month, and guess what! The rate at which the institution is charging me is 3% higher (nearly topping 70) than the official exchange rate. It seems that this practice is quite common especially in this season (where foreign currencies are scarce), and that despite a “rappel a l’ordre” from the governor of the bank of Mauritius at the end of last year. And what surprised me more is that nobody is protesting against this matter of fact.

I remember someone talking about the subject, but then i was completely uninterested about it. I knew there was a shortage of currencies, and perhaps the rate he was talking about is an official one. I was completely wrong. The rate is one operating in the black market. When you ask for foreign currencies in a commercial bank, the operator would tell you there is a shortage, and that you should place an order for such currencies, and would forward you some papers to fill in. Another official in another bank when asked when would the currencies be available, the reply was “it would depend on what price you are prepared to pay”. I mean, if you target to make quick money, then it is in foreign currency dealings that you should be in. The dealers are making lots of money on our heads and we are supporting them in silence. They make “la pluie et le beau temps”

3 Responses to “Black market for foreign currencies!”

  1. tilai says:

    Was that your membership payment or just shopping? Damn, I need to pay my membership fees as well as renew my web domain registration. Pounds sterling and US Dollars…. I guess “mo pou gagne ene bonne surprise” 🙁

  2. tapijo says:

    Membership.. When i queried 2day, they said that it was mastercard who charged them that rate..Is that true?

  3. tilai says:

    Well, I think there is usually an extra fee included in the transaction… What’s that excuse? Mastercard will charge them GBPxx.xx, the amount you wanted to be deducted on your account (plus maybe a small fee?), the rate to MRU I think is the local bank who decides it. Oh, I don’t know. It’s only assumptions. We need someone in banking to let us know the truth.

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