Everything about Exchange Control totally explained
Foreign exchange controls are various forms of controls imposed by a government on the purchase/sale of foreign
currencies by residents or on the purchase/sale of local currency by nonresidents.
Common foreign exchange controls include:
- Banning the use of foreign currency within the country
- Banning locals from possessing foreign currency
- Restricting currency exchange to government-approved exchangers
- Fixed exchange rates
- Restrictions on the amount of currency that may be imported or exported
Countries with foreign exchange controls are also known as "Article 14 countries," after the provision in the
International Monetary Fund agreement allowing exchange controls for transitional economies.
Countries with foreign exchange controls
(list very incomplete)
Argentina
Bahamas (External Link
)
Brazil (External Link)
Egypt
People's Republic of China
Cuba
India
Libya
Malaysia
South Africa (External Link)
Venezuela
/*External Links*/
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