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The profit was the difference between the higher black market and lower official rate.
The previous official rate, three to one, had been in effect since Jan. 1.
Smallholders only needed to pay half the official rate of tax.
This compares with an official rate of 65 to the dollar.
The official rate is close to the free-market one anyway.
Rates at the private banks vary, but are generally not far from the official rate.
The dollar figure is calculated on the official rate of exchange.
Use the table below to find the average official rate of interest for years when:
In an attempt to help stabilize the economy, the official rate was changed to reflect the black market.
The official rate refers only to those actively seeking work.
The official rate of exchange is one standard credit per Mars dollar.
There were 2.3 million involuntary part-time workers in 1973 when the official rate was below 5 percent.
For visitors the official rate of exchange makes prices impossibly high.
Calculated at the inflated official rate, that amounts to more than $500 billion.
Recently, the bureau released 12 alternative measures of poverty, and all but one are higher than the official rate.
Consequently, black market rates were five to ten times higher than the official rate .
Until now it has been illegal for foreigners to exchange foreign currency at other than the official rate.
The official rate of unemployment is 15 percent, but the percentage among young people is higher.
The official rate has consistently been 5,200 Manat to the dollar.
An American dollar is worth about 6.6 kyat at official rates, and six or seven times that amount on the black market.
Crucial imports like wheat will also be made at the official rate, bankers said.
Those reported rates generally reflected the Official Rate as shown in the above table.
In 1986 the currency continued to be convertible only under restricted conditions and at official rates.
But even the more flexible official rates could not be defended against the speculators.
The American dollar buys 75 riyals at the official rate and 10 times that on the street.