convertible currency

Definitions

Accounting

  • noun a currency which can easily be exchanged for another

Forex

  • Another name for currently used currency. In contrast, a monetary unit that is no longer legal tender cannot be converted. For example, German Deutsche marks became the basis for the creation of the euro in the 1990s. While the euro is currently the standard currency in Europe, the Deutsche mark can no longer be legally traded because it was abolished upon the formation of the European Union.
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