foreign exchange certificate



foreign exchange certificate (plural foreign exchange certificates)

  1. (finance) A surrogate currency often used as a tool to control circulation of foreign exchange in countries where the national currency is subject to exchange controls or is not convertible. The certificates may be denominated in local or foreign currency, depending on the exact purpose of the regulation.
  2. A document authorizing a purchase of foreign currency; used as a tool to regulate foreign exchange movements across the national border.