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Blocked Currency

A blocked currency, also known as a nonconvertible currency, is a currency that is not freely traded on the forex market, but mainly used in domestic transactions. Such a currency is very difficult or impossible to convert into a freely trade. The restrictions are usually set by the government, and in some cases it is illegal to convert it. Blocked currencies are created by governments that wish to control its exchange and trade, without any foreign creditor involvement.



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