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March 28, 2013

As Egypt’s foreign currency reserves fall, black market in dollars thrives

In today’s moribund Egyptian economy, a man who calls himself Youssef has become a crucial component to keeping the wheels of commerce turning. He’s a black-market money dealer, selling dollars for Egyptian pounds at a markup. With the Egyptian government desperate to keep dollars in the country, banks are limited in how many they may let their clients have. People who need dollars are willing to pay Youssef more to get them. He’s become one of the few sources of unlimited capital in Egypt.

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