Domestic currency

A single currency is a currency , as opposed to securities traded on international currency markets currency not freely convertible is.

It is only used as a means of payment within a country or currency zone , but cannot be traded outside of this restricted area. The exchange rate against other currencies is usually set by the state or its central bank . An exchange into other currencies may be subject to restrictions in terms of amount. In some cases, exchanges are prohibited or only possible with individual approval.

Examples of domestic currencies include: Dominican Peso , Transnistrian Ruble , Somaliland Shilling , East German Mark, and North Korean Won . In Cuba , in addition to the usual non-convertible Cuban peso, there is also the (very limited) convertible peso .