Countries With Foreign Exchange Controls
Foreign exchange controls are kinds of controls specifically imposed by governments on the purchase and sale of foreign currency or local currency. Common exchange controls include restricting the use foreign currency and limiting the amount of local currency that can be traded or exchanged within the country. Foreign exchange controls are basically employed by the countries that have weaker or lesser economies. However, the counties that imposed these controls are known as Article 14 countries," after the provision in the International Monetary Fund agreement allowing exchange controls for transitional economies. Read the following article to know about the countries with foreign exchange controls.
Some of the countries who still employ foreign exchange controls are:
1. Argentina2. Bahamas
3. Barbados
4. Brazil
5. China
6. Cuba
7. Egypt
8. Fiji
9. India
10. Sri Lanka
11. Libya
12. Malaysia
13. Mauritius
14. Morocco
15. Myanmar
16. Namibia
17. Nigeria
18. North Korea
19. Pakistan
20. Papua New Guinea
21. South Africa
22. Tunisia
23. Venezuela
24. Zimbabwe
Foreign exchange controls with different countries typically suggest that such regulations and controls can limit the economic instability. However, these controls help in maintaining a favorable balance of payment. Speaking about countries with foreign exchange controls, successful exchange controls in Malaysia shows that such regulation allows a greater degree of economic stability. Theoretically, foreign exchange controls were extirpated in 1994, but the rules still state that the restoration of foreign investment and the profits from it is subject to proof of the origin of the money, and subject to payment of any outstanding Mauritian taxes.