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Black Market Exchange Rate, Unification of the Foreign- Exchange Markets and Monetary Policy

The Case of El Salvador


Nolvia N. Saca

Contents: Determinants of the premium in the black market - Effect of the black market on the domestic price level and on the real exchange rate - Issues that the authorities have to face in considering unification of the foreign exchange markets - Monetary effects and implications for the conduct of monetary policy with the resulting changes in the exchange rate policy and financial and trade structure.