Convertibility

Convertibility (Latin convertere exchange, ') is a property of currencies. A convertible currency is called, if it may be exchanged by residents and nonresidents unlimited in other currencies. This right is guaranteed by the central bank of the country in which the circulating currency. In the event that the gold standard and bimetallism in that country applies, the exchange of the currency in gold or silver can be meant. A special case is the Ausländerkonvertibilität, the exchange right granted when the only foreigners. Inländerkonvertibilität contrast, there is then, if at any persons resident at any time purchase for his country's foreign exchange money in any form for free use and take out of the country or can transfer. A limitation of Konvertiblität represent foreign exchange restrictions

The convertibility to facilitate international trade. Nonconvertible currencies are called single currency and have only in the Country validity, which it issues. For example, the Mark of the GDR was not convertible. A special form of convertibility resulted from 1 April 1954 the " Beko mark". Due to the release of the Agrarian League No. 7031/54 of 22 March 1954, No. 7043/54 of 29 April 1954 was non-resident permits " limited convertible DM Accounts" to open, interest-free and were led to payments to third countries could be used. On this account Residents were allowed to make deposits. Similar opportunities were also abroad: in the sterling area of ​​transferable sterling (TAA -pound ) French francs for the zone of the multilateral transfer options ( zone du franc transférable ). In Germany, the Beko accounts were held as freely convertible DM accounts from 1 July 1958.

The Chinese currency Renminbi could be a convertible currency or even a reserve currency in the face of economic power, the decades of economic growth and foreign trade surpluses of the People's Republic of China. So far (as of 2011 ), the political leadership of the country the renminbi but not made ​​convertible, although western industrialized countries it again and again - even in the wake of the financial crisis in 2007 and the euro crisis - calling on them.

Many voices accuses China to have made by a special monetary policy its currency undervalued and / or held (see dumping ).

Contrary to the name convertible peso ( CUC), the second currency in Cuba is not freely convertible. It was introduced in 1994 and 2013, a schedule was made to its abolition.

• Foreign Trade
• Currency