Editing Convertibility (section)

==Currency trading==
Freely convertible currencies have immediate value on the different international markets, and few restrictions on the manner and amount that can be traded for another currency. Free convertibility is a major feature of a [[hard currency]].{{Citation needed|date=May 2010}}

Some countries pass laws restricting the legal exchange rates of their currencies or requiring permits to exchange more than a certain amount. Some currencies, such as the [[North Korean won]], the [[Transnistrian ruble]], and the [[Cuban peso|Cuban national peso]], are officially nonconvertible and can only be exchanged on the [[black market]]. If an official exchange rate is set, its value on the [[black market]] is often lower.<ref>{{cite web|publisher = [[HowStuffWorks]] |title= How Exchange Rates Work |url= http://money.howstuffworks.com/exchange-rate4.htm | first = Ed | last = Grabianowski |date= 6 February 2004 |accessdate=8 June 2010}}</ref>

Convertibility controls may be introduced as part of an overall [[monetary policy]]. For example, restrictions on the [[Argentine peso]] were introduced during [[1998–2002 Argentine great depression|an economic crisis in the 1990s]] and scrapped in 2002 during a subsequent crisis.<ref>{{cite web|url= http://www.frbatlanta.org/pubs/econsouth/econsouth-vol_4_no_1-argentinaend_of_convertibility.cfm | title= Argentina: The End of Convertibility | first1 = Myriam | last1 = Quispe-Agnoli | first2 = Stephen | last2 = Kay |publisher= [[Federal Reserve Bank of Atlanta]] |accessdate=8 June 2010}}</ref>