- Restrictions on the purchase and sale of foreign exchange. It is operated in various forms by many countries, in particular those who experience shortages of hard currencies; sometimes different regulations apply to transactions that would come under the capital account of the balance of payments. There has been a gradual movement towards dismantling exchange controls by many countries in recent years. The UK abolished all form of exchange control in 1979.
Accounting dictionary. 2014.
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exchange control — /ɪks tʃeɪndʒ kənˌtrəυl/ noun the control by a gov ernment of the way in which its currency may be exchanged for foreign currencies … Dictionary of banking and finance
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