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Abstract
In recent years, the issue of currency convertibility has received increasing attention in the economic literature, especially in articles from the staff of the International Monetary Fund (IMF). This has taken place in spite of the fact that the concept of convertibility and the provisions governing it in the IMF’s Articles of Agreement have been widely known for many years. A possible source of the renewed interest in convertibility may have been the transformation process now under way in the economies of many countries that once were part of the Soviet Union or had a centrally planned economic system and their increased interaction in international trade and the world economy.
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