A country's currency is said to be _____ when the country's government allows both residents and nonresidents to purchase unlimited amounts of a foreign currency with it.

Question

Quizplus · Accepted Answer

Freely convertible refers to a currency that can be easily converted to other currencies without any restrictions or limitations. It means that both residents and non-residents can purchase unlimited amounts of foreign currency with the local currency, indicating that the country has no control over its exchange rate.

A Country's Currency Is Said to Be _____ When the Country's