limits on the amount of a country's currency that residents can exchange for another.
Used to protect and maintain a country's financial position and the value of its currency. The regulations are aimed at preventing or restricting certain foreign currency transactions. Mostly by a country's nationals. The movement of precious metals, particularly gold and silver, can be governed by these controls.
The rationing of foreign currencies and other instruments for settling international financial obligations by a country facing balance of payments difficulties. Exchange controls require importers to apply for prior government authorization to obtain the foreign currency needed to bring in designated amounts and types of goods. Since such measures can easily be manipulated by governments to restrict imports, they are often viewed as non-tariff barriers to trade.