Country A tightly controls the ability of its residents to convert its currency into other currencies.However,all foreign businesses with deposits in banks of Country A may,at any time,convert all their currency into foreign currency and take them out of the country.Country A's currency is:

Question

Quizplus · Accepted Answer

A currency is said to be externally convertible when only nonresidents may convert it into a foreign currency without any limitations.

Country a Tightly Controls the Ability of Its Residents to Convert