“With the ingenious method of hawala, money moved time zones and continents via a single communication between two hawaladars or thadekars (hawala agents): a promise that the cash had been deposited on one end, and thus could be withdrawn from the other. So long as cash trades at either end were relatively balanced, the system worked—so well that hawala remained the mainstay of monetary trade in more than 50 countries until the early 20th century.  Fast-forward a few hundred years, and hawala has a less celebrated reputation. But for families in developing countries supported by diaspora relatives, hawala is a lifeline.”

http://mkshft.org/2013/07/thin-wire/

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