Eurocredit

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Eurocredit

Credit extended in a currency outside the jurisdiction of the central bank of the bank extending the credit. For example, an American bank may make a loan denominated in Japanese yen. The term has nothing to do with the euro; and the prefix "euro-" is used more generally to refer to deposits outside the jurisdiction of the local central bank, e.g. "euroruble." Eurocredit loans are usually large and long-term. Banks participating in the eurocredit market generally also participate in the eurocurrency market.