Convertibility

1) the possibility of exchanging the national currency for the currency of other countries and one foreign currency for another at the current rate. K. assumes the possibility of paying for foreign goods and services in national currency; 2) the convertibility of shares and bonds, the possibility of exchanging one of their types for another in the securities market; 3) the exchange of bank notes for gold, that is, the ability to exchange them for gold in accordance with the gold standard.