Facility of exchanging domestic currency for foreign currency at market determined exchange rate without restriction on either rate or quantum of money exchanged is called convertibility.
Full current account convertibility – If domestic currency is allowed to convert into foreign currency for all current account purposes, it is a case of full current account convertibility.
Full capital account convertibility – In cases of capital outflow, if the domestic currency is allowed to convert into foreign currency, it is a case of full capital account convertibility.
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