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Definition of 'Nonconvertible Currency'
Any currency that is used primarily for domestic transactions and is not openly traded on a forex market. This usually is a result of government restrictions, which prevent it from being exchanged for foreign currencies.
Also known as a "blocked currency".
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Investopedia explains 'Nonconvertible Currency'
As the name implies, it is virtually impossible to convert a nonconvertible currency into other legal tender, except in limited amounts on the black market. When a nation's currency is nonconvertible it tends to limit the country's participation in international trade as well as distort its balance of trade.
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Search results for 'Nonconvertible Currency'
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http://www.investopedia.com/exam-guide/series-7/investment-risk-tax-considerations/wash-sale-substantially-identical.asp
... contracts, foreign currency contracts, nonequity options, dealer equity option,
or dealer securities futures contract. In most cases, nonconvertible securities ...
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http://www.investopedia.com/exam-guide/cfa-level-1/financial-ratios/earnings-per-share.asp
... 5.14 Foreign Exchange Parity Relations; 5.15 Currency Appreciation and
Depreciation; ... 15.20 Currency Forward Contracts; 15.21 Futures vs. ...
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