Editing Exchange rate (section)

== Parallel exchange rate ==
In many countries there is a distinction between the official exchange rate for permitted transactions within the country, and a '''parallel exchange rate''' (or [[Black market#Currency|black market]], grey, unregulated, unofficial, etc. exchange rate) that responds to excess demand for foreign currency at the official exchange rate. The degree by which the parallel exchange rate exceeds the official exchange rate is known as the parallel premium.<ref>{{cite journal|url=http://www.jed.or.kr/full-text/23-2/yiheyis.PDF|archive-url=https://web.archive.org/web/20220409145330/http://www.jed.or.kr/full-text/23-2/yiheyis.PDF|archive-date=9 April 2022|journal=Journal of Economic Development|volume=23|number=2|date=December 1998|title=The Economic Determinants of the Parallel Currency Premium: Evidence from Select African Countries|author=Zelealem Yiheyis}}</ref> Unofficial transactions of this nature may be illegal.