Eurocurrency

Eurocurrency

Currency deposited by national governments or corporations in banks outside their home market. This applies to any currency and to banks in any country. For example, South Korean won deposited at a bank in South Africa, is considered Eurocurrency.

Also known as "Euromoney".

Notes:

Having "Euro" doesn't mean that the transaction has to involve European countries. However, in practice, European countries are often involved.

See also: Eurobank, Eurobond, Eurodollar, Euroyen, LIBID, LIBOR

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Eurocurrency

Instrument issued outside your country, but denominated in your currency. A Eurodollar is a Certificate of Deposit in U.S. dollars issued in some other country (though mainly traded in London). A Euroyen is a CD issued in yen outside Japan.

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Eurocurrency

Funds deposited in a bank when those funds are denominated in a currency differing from the bank's own domestic currency. Eurocurrency applies to any currency and to banks in any country. Thus, if a Japanese company deposits yen in a Canadian bank, the yen will be considered Eurocurrency.