daira (asker) Jul 23, 2018:

I have found the following phrase: ελεύθερο συνάλλαγμα, δηλ. μη υποχρεωτικά εκχωρητέο στην Τράπεζα Ελλάδος.

transphy Jul 23, 2018:

Yes. But think out of the box!!

Domini Lucas Jul 23, 2018:

@transphy Yes, have often been given 'floats' in work contexts (usually petty cash). Didn't know it applied in a bank context as well. Thanks for sharing that link :-)

transphy Jul 22, 2018:

Float (money supply) - Wikipedia
https://en.wikipedia.org/wiki/Float_(money_supply)

In economics, float is duplicate money present in the banking system during the time between a deposit being made in the recipient's account and the money being deducted from the sender's account.*** It can be used as investable asset,*** but makes up the smallest part of the money supply.

Domini Lucas Jul 20, 2018:

Restricted currencies - another link See also https://blog.continentalcurrency.ca/restricted-currencies/

Domini Lucas Jul 20, 2018:

@Asker unrestricted foreign currency (2) My reason for suggesting unrestricted (for want of specific technical term) is because we speak of 'currency restrictions' both re foreign currency & other uses. I just typed 'unrestricted foreign currency' into Google Search & here are the results confirming my knowledge of it as general term https://www.google.co.uk/search?q=unrestricted foreign curre...

See esp Bank of Iceland link mentioning restrictions on 'foreign exchange transactions' https://www.cb.is/publications/news/news/2017/03/12/New-Rule...

My part- Accountant husband pointed out restricted & unrestricted are also used specifically for loans i.e. 'restricted loans' are for specific use e.g. car, house whereas unrestricted loans for any purpose. So, to avoid confusion, you may prefer sth like "free/exempt from foreign exchange/currency restrictions" or "free from capital controls", though these sound more 'clunky' to me.

I am submitting this as discussion entry (rather than Answer) because suggestion is from 'common sense' rather than knowledge of economics.

Domini Lucas Jul 20, 2018:

@Asker Thanks so much for the feedback. On the face of it then I’m wondering whether you could use something as simple as ‘unrestricted foreign currency’ or even ‘unrestricted USD’, however I still have a nagging feeling that there is a specific financial term.

daira (asker) Jul 20, 2018:

A belated clarification: the loan is in US Dollars, but is given in Greece by a Greek bank. So it is definitely "foreign". It is the term "ελεύθερο" that confuses me.

Domini Lucas Jul 19, 2018:

@Kyriacos - euro Good evening to you. I can see the wisdom of your comment. Thank you for responding. I can see that foreign won’t do, but wonder if it is potentially excluded without a qualification of some kind. As mentioned, I am no economist and cannot offer an alternative option. The thought came from past experience of living and working in Greece where we used the term. I therefore put it into the mix for consideration. Hope life is treating you kindly. I note that the World Cup is over (but still add no further comment on that score!). ☺️

Kyriacos Georghiou Jul 19, 2018:

The only snag I can see by putting 'foreign' is that you are excluding 'local' currency, i.e. 'euro' in this case. This can't be right

Domini Lucas Jul 19, 2018:

foreign currency This has been tickling the back of my brain over the last couple of days. Though I am no economist, I am puzzled by the fact that, to my knowledge, συναλλάγμα usually refers to foreign currency &/exchange and the ‘foreign’ aspect hasn’t been mentioned so far. Is it implicit in either or both of the answers given?