Non-Convertible Currency
a.k.a. Blocked currency, Inconvertible currency
A currency that can't be freely swapped for other money, usually because the government restricts it.
A non-convertible currency is money that is stuck at home. The government limits who can swap it for foreign currency, how much, and at what rate. North Korea's won and, at times, Venezuela's bolivar are examples. You cannot just log in and trade them.
Countries do this to stop capital fleeing or to defend an official rate. The usual side effect is a black market where the "real" rate is far worse. Traders who need exposure to partly restricted currencies often turn to non-deliverable forwards.
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