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English definition of “black market premium”

black market premium

noun [C]     MONEY
the difference between the value of currency on the black market (= illegal system ) and its official exchange rate (= value ) in relation to another currency : If a government allows high inflation , a high black market premium on the currency , and high budget deficits , how will foreign aid help ?
(Definition of black market premium noun from the Cambridge Business English Dictionary © Cambridge University Press)
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