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restricted convertibility

Many countries maintain restricted convertibility on their currencies, often allowing full convertibility only for nonresidents while limiting the ability of residents to exchange domestic for foreign currencies. Other countries have inconvertible currencies, which cannot legally be taken out of the country or exchanged for foreign currencies at all. Yet other countries distinguish between foreign exchange involving current transactions (for goods and services) and those involving capital investments, with freedom of convertibility being restricted to some degree for one category or the other. This situation often results in what is known as a two-tier market, in which access to restricted currency is rationed and those who need it must obtain special authorization to acquire it. Such exchange controls ration the availability of foreign currency, which can block imports into the country. These limitations often result in a thriving illicit black market trade in currencies and commodities.


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Note added at 1 hr 7 mins (2005-07-15 07:56:01 GMT)
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or the full term would be:

restricted convertibility currency