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| Convertibility ： ウィキペディア英語版 |
Convertibility
Convertibility is the quality that allows money or other financial instruments to be converted into other liquid stores of value. Convertibility is an important factor in international trade, where instruments valued in different currencies must be exchanged.〔(【引用サイトリンク】title= Currency Convertibility )〕
==Currency trading==
Freely convertible currencies have immediate value on the foreign exchange market, and few restrictions on the manner and amount that can be traded for another currency. Free convertibility is a major feature of a hard currency.
Some countries pass laws restricting the legal exchange rates of their currencies, or requiring permits to exchange more than a certain amount. Some currencies, such as the North Korean won, the Transnistrian ruble and the Cuban national peso, are officially nonconvertible and can only be exchanged on the black market. If an official exchange rate is set, its value on the black market is often lower.
Convertibility controls may be introduced as part of an overall monetary policy. For example, restrictions on the Argentine peso were introduced during an economic crisis in the 1990s, and scrapped in 2002 during a subsequent crisis.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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