Nation & World

March 28, 2013 2:05 PM

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.

Related content

Comments

Videos

More Videos

Don't let a text wreck your life 01:01

Don't let a text wreck your life

Dance helps D'Iberville boy overcome ADHD 02:17

Dance helps D'Iberville boy overcome ADHD

Watch baby polar bear Nora grow up fast 02:12

Watch baby polar bear Nora grow up fast

NASA animates the powerful winter storm headed for the Mid-Atlantic 00:22

NASA animates the powerful winter storm headed for the Mid-Atlantic

Vincent the cat gets very rare prosthetic legs 02:32

Vincent the cat gets very rare prosthetic legs

Calif. congressman vapes in hearing to make his point 01:29

Calif. congressman vapes in hearing to make his point

Video: How to wash your hands 01:03

Video: How to wash your hands

'Lucky' Turkey to Receive Presidential Pardon 01:08

'Lucky' Turkey to Receive Presidential Pardon

The Buzz with Buzz: the Koch brothers, money and politics 02:59

The Buzz with Buzz: the Koch brothers, money and politics

Michael Jung Wins Rolex 01:42

Michael Jung Wins Rolex

Fans enjoyed Rolex Cross Country event despite rain 01:10

Fans enjoyed Rolex Cross Country event despite rain

Olorda wins Bewitch Stakes at Keeneland 03:30

Olorda wins Bewitch Stakes at Keeneland

Share Video

Nation & World Videos