Nonconvertible Currency

(redirected from Non-Convertible Currency)

Nonconvertible Currency

A currency that may not be converted into another currency on the foreign exchange market, or that may be converted only in limited amounts. Some countries limit convertibility to prevent citizens from making bad investment decisions in, say, a country experiencing hyperinflation, while a few communist countries issue nonconvertible currencies to protect their citizens from capitalist influences. A nonconvertible currency is generally traded only on the black market. It is also called a blocked currency or an inconvertible currency.
Mentioned in ?
References in periodicals archive ?
When sanctions hit, Iran agreed to accept 45 percent of the payments for its oil in rupees, a non-convertible currency that is useless outside India and that began stacking up in Iranian accounts in India.
India subsidizes more trade with Islamic Rep
Further, Hong Kong cannot use a non-convertible currency to back up its monetary base, which is fully convertible to the U.
In defense of the Hong Kong dollar peg: which eventually will cease to exist
However, he stressed Beijing would implement a reform in the exchange rate regime of its non-convertible currency which would lead to a gradual rise.
EU should not press China on yuan, says PM Wen
She said China also benefited from a non-convertible currency "that has worked well.
What does it take to balance the global books?
Statesmen and bankers navigated a new world of non-convertible currency, protecting Britain, weathering increased risks and disruptions, and financing an unprecedented share of international trade.
The Early Modern Atlantic Economy
Any government with its own non-convertible currency with a floating exchange rate that spends and borrows strictly in its own currency cannot become insolvent.
Warren Mosler Applauds Senate for Passing Urgently Needed State Funding and Urges House to Do the Same
Since the rial is a non-convertible currency internationally and since its value has eroded ever since the revolution (when a dollar sold for about 70 rials), there are few international institutions believed to have any interest in working in the rial.
Rial holds steady; new US sanction not yet pushing it
Since the rial is a non-convertible currency internationally and since its value has eroded constantly since the revolution, there are few institutions believed to have any interest in working in the rial.
Obama attacks rial

Financial browser ?
Full browser ?