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Governmental restrictions on private transactions in foreign money or claims on foreign money. Residents are required to sell foreign money coming into their possession to a central bank or specialized government agency at exchange rates set by the government. The chief function of most systems of exchange control is to maintain a favourable balance of payments. See alsoforeign exchange.
This entry comes from Encyclopædia Britannica Concise. For the full entry on exchange control, visit Britannica.com.