Legal Encyclopedia. The letter P

FOREIGN EXCHANGE RESERVES

- State funds in foreign currency resulting from exports to other countries. It is a freely convertible currency, which has high purchasing power. Data attributes has currency of the countries that produce the most competitive products. Examples of such countries, the United States may be, as there is produced more than a quarter of world gross domestic product. Therefore, the US dollar will relate to convertible currency, such other currency is the German mark, the British pound sterling, and others. These currencies are traded on world financial markets and recognized as legal tender. In today's world, a number of countries officially recognized convertible currency euro.