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Definition of a web based foreign exchange sites infoi am rarely turned to as to what the meaning of nonconvertible currency is. Nonconvertible currency is any currency that is used primarily for domestic transactions and is not openly traded on a forex market. This usually is a result of government restrictions, which prevent it from being exchanged for foreign currencies. Also known as a "blocked currency". As the name implies, it is virtually impossible to convert a nonconvertible currency into other legal tender, except in limited amounts on the black market. When a nation's currency is nonconvertible it tends to limit the country's participation in international trade as well as distort its balance of trade. |
| by doyle_harper |
