Every third world country has two exchange rates: the official one and the real one. The official rate is what the government tells you the currency is worth (a lie). The real rate is what you actually pay on the street (the truth).
In Ethiopia, the gap between the official rate and the black market rate is 30-50%. The government says 1 USD = 120 birr. The market says 1 USD = 190 birr. If you exchange at the official rate, you are basically giving the government a 50% tax on your own money.
What you need to know:
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Never use the official rate if you have a choice. The black market exists because the official rate is bullshit. Use it. Carefully. Within legal limits (whatever those are today).
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Keep foreign currency in your hands. USD is the most liquid. EUR is second. Get small bills (1s, 5s, 10s) because nobody can break a $100 bill in a crisis. ( or crypto that shi, your smart enough to find a way)
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Do not put all your foreign cash in the bank. If the government freezes foreign currency accounts (this has happened in multiple countries), your money is trapped. Physical cash in a safe spot earns no interest but also cannot be stolen by a government decree. (only issue is how would you exchange but figure that out )
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Know someone who travels. The cheapest way to move money across borders is to give cash to someone you trust and have them carry it. This is not legal advice. This is just how the world actually fucking works.(don’t complain to me about loosing money …)
The foreign currency question is really a question of trust. Do you trust your government with your money? If you are reading this blog, you already know the answer. Act on it.
Coming soon: Real Estate, Land, and Assets That Actually Hold Value