NOPE it is not. The official exchange rate is just one part of the picture. The dollar used to be traded on the streets for a premium, not any longer, now in some countries you are lucky to exchange it even close to the official rate.
Funny , how those money dealers on the corners know and so many in the USA don't
Did you read about the Cypriot bailout? Taking the uninsured deposits over $100,000? All those Russian gangsters must be flipping out. Sounds like a Bamalama plan! Isn't that "spreading the wealth" around?
Forget the gangsters (we have little Odessa here) (I was being facetious) It's this-"Taking the uninsured deposits over $100,000?" Some of those deposits were actually worked for-taking them is very "Robin Hood"-so the lesson is make sure you don't exceed FDIC insurance or keep it under the mattress.