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+--- Thread: what countries have their own currency but for some unknown reason.............. (/showthread.php?tid=72241)
what countries have their own currency but for some unknown reason.............. - sadlonelygit - 19-04-15
Use someone else's that is very similar but the exchange rate is skewed towards the other currency.
As an example, Bahrain has their own dollar but for some reason use US dollars for transactions in the airport. So the £70 ray bans actually cost me £130.
Fukstix
Re: what countries have their own currency but for some unknown reason.............. - Tmation - 19-04-15
Bahrain use the Bahraini Dinar, which is linked to the US Dollar 1 BD = $2.65.
Most of the Gulf states have their currency pegged to the US Dollar at a set rate, I work in Saudi and it is $1 = 3.75 Saudi Riyal
In lots of airports around the world they will give price in multiple currencies.
The latest thing is when you use your credit or debit card abroad they ask you which currency you want to pay in.
Re: what countries have their own currency but for some unknown reason.............. - crickleymal - 20-04-15
Many years ago (1989) I was out in Iraq installing communication equipment on an oil pipeline. IIRC the exchange rate was officially £2 = 1 Dinar. However on the black market you could get 3 dinar to the dollar and 1.5 $ = £1. So you can guess what went on with some people's expenses.
Re: what countries have their own currency but for some unknown reason.............. - bigralphie - 20-04-15
use to be worth getting $ traveler chqs instead of sterling for Thailand but that was 10 year ago
Re: what countries have their own currency but for some unknown reason.............. - Farjo - 24-04-15
Argentina uses its peso for day-to-day transactions but the US$ for property sales. Obviously people want to save their money in US$ for this reason but also because it is more stable than their own currency.
However the government only allows 20% of your declared income to be converted i.e. income they've paid tax on; apparently there is widespread evasion.
There is now a 'blue market' for US$ - not illegal but not through financial institutions. Through a bank you would get about 8 pesos to the dollar, but on the blue (street) arket you will get 12 or more.
It means that for an Argentinian they must pay 800 pesos for every 100 dollars, or more than 1,200 through a blue market operation. Therefore it is worth their while to declare more income and get the bank rate on 20% of it.
As it tourist it's a bit of a pain as you have to follow a guy down a back alley and you don't know if you are going to be passed fake notes, conned or even mugged. It also sniffs a bit of money laundering, converting peoples undeclared income.
Equator abandoned its currency in 2000 and now uses the USD.
Ireland's punt was linked 1=1 to GBP until 1979 when it was floated until 1999 when it was fixed to the DEM at 2.48.