What is 'Eurocurrency'

Eurocurrency is 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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    Eurodollars have little to do with the official currency of the European Union, the euro (EUR). In 1999, the euro was implemented ... Read Answer >>
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