Currency convertibility in the Middle East and North Africa / editors, Manuel Guitián, Saleh M. Nsouli.

Includes bibliographical references.

Overview / Manuel Guitián and Saleh M. Nsouli -- Opening remarks / Omar Kabaj, Osama J. Faquih -- Concepts and degrees of currency convertibility / Manuel Guitián -- Current account convertibility : anachronism or transition? / Saleh M. Nsouli -- Experience with exchange controls in the Arab countries / Mustapha Kara and Salam Hleihel -- Currency convertibility in Tunisia / Abdelmoumen Souayah -- The exchange system in Morocco / Ali Amor -- Experiences of Morocco, Tunisia, Jordan, and Egypt with currency convertibility / Afran Al-Azmeh -- The issue of capital account convertibility : a gap between norms and reality / Manuel Guitián.

Currency convertibility -- defined in the broadest sense as the right to convert freely and without limit a currency into any other at the prevailing exchange rate -- is the linchpin of today's globalized world economy. To assess the importance of convertibility, it is only necessary to point out that a system of well-managed convertible national currencies imparts to the international arena advantages analogous to those resulting from the introduction of money in a national economy, most notably, the elimination of barter (and the need for coincidence of needs) as a basis for international trade and the provision of an instrument for the development of financial markets.

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