Exchange controls
Exchange controls: conditions or limits imposed by governments on the extent to which residents may have access to foreign exchange reserves. WTO members may use exchange controls imposed in accordance with the Articles of Association of the IMF, but they may not use them to frustrate the intent of the GATT. For trade in services, they may not apply restrictions on international transfers and payments for current transactions where they have made specific commitments. In both cases, exchange controls may be possible to safeguard the balance of payments
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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