How is a country's currency referred to when its government allows both residents and nonresidents to purchase unlimited amounts of a foreign currency with it?

Question

Quizplus · Accepted Answer

A country's currency is said to be freely convertible when the country's government allows both residents and nonresidents to purchase unlimited amounts of a foreign currency with it. Free convertibility is not universal. Many countries place some restrictions on their residents' ability to convert the domestic currency into a foreign currency (a policy of external convertibility).

How Is a Country's Currency Referred to When Its Government