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Currency types: * fully convertible currency has no restrictions on any financial transactions for both residents as well as non-residents and may be exchanged for any foreign currency (the US dollar, Canadian dollar, Swiss franc, etc.)
* partially convertible currency has restrictions on certain foreign exchange transactions as well as restrictions for non-residents. Partially convertible currencies are those of the majority of Western European countries (Great Britain, France, Italy, Belgium, Netherlands, Sweden, Denmark, Norway, Finland and Austria). After abolishment in December 1958 foreign exchange restrictions for non-residents, it became possible for them to convert any amount of money in bank accounts into US dollars or other currencies;
* inconvertible (weak) currency has restrictions on currency transactions for residents as well as for non-residents. This group consists of currencies of dependent and developing countries, which are pegged to the parent states currencies. Weak currencies rates are set at levels profitable for foreign monopolies. http://www.eglobal-forex.com/forex/currency/
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