Government restrictions can often result in a currency with a low convertibility. For example, a government with low reserves of hard foreign currency often restrict currency convertibility because the government would not be in a position to intervene in the foreign exchange market (i.e. revalue, devalue) to support their own currency if and when necessary.
Investment dictionary. Academic. 2012.
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convertibility — noun a) The quality of being convertible b) The quality of a currency of being exchangeable for gold or other currencies … Wiktionary
convertibility — /kənˌvɜ:tə bɪləti/ noun the ability of a currency to be exchanged for another easily … Dictionary of banking and finance
convertibility — noun the quality of being exchangeable (especially the ability to convert a currency into gold or other currencies without restriction) • Ant: ↑inconvertibility • Derivationally related forms: ↑convertible • Hypernyms: ↑exchangeability,… … Useful english dictionary