| 单词 | convertible currency |
| 释义 | convertible currency A currency which the holder has the right to change into any other currency. A fully convertible currency can be exchanged into any other currency by any holder and for any purpose. More limited forms of convertibility are possible: currencies may be convertible only by non-residents, or only for current account but not for capital account purposes. If a currency is convertible only by non-residents, it is necessary to control payments from residents' into non-residents' bank accounts. Similarly current account convertibility requires official scrutiny of all foreign payments to check their purpose. With full convertibility no controls are necessary. |
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