DEFINITION of 'Eurocurrency'

Currency deposited by national governments or corporations in banks outside their home market. This applies to any currency and to banks in any country. For example, South Korean won deposited at a bank in South Africa, is considered eurocurrency.

Also known as "euromoney."

BREAKING DOWN 'Eurocurrency'

Having "euro" doesn't mean that the transaction has to involve European countries. However, in practice, European countries are often involved.

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  1. Are eurodollars related to the currency called the euro?

    Eurodollars have little to do with the official currency of the European Union, the euro (EUR). In 1999, the euro was implemented ... Read Full Answer >>
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  3. How do mutual funds work in India?

    Mutual funds in India work in much the same way as mutual funds in the United States. Like their American counterparts, Indian ... Read Full Answer >>
  4. What are Santander's escheatment services?

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