Cyclopedia Of Economics 1st edition


Foreign Exchange Regime and Capital Controls



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1. Foreign Exchange Regime and Capital Controls

1A. The central bank can fix the exchange rate or establish a currency board


1B. A ceiling or quota is often placed on foreign exchange payments to non-residents
1C. Central bank approval is required for investments by residents abroad
1D. Approval is required for payments under guarantees or non-trade purposes
1E. Payments abroad can be effected from domestic accounts only
1F. Domestic credit facilities to non-resident firms, banks, brokers, etc. are disallowed
1G. Limitations are placed on cash and credit card travel allowances in foreign exchange
1H. Transfers between external accounts require approval of the central bank




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