The country risks exhausting its net reserves, which stand at under $15 billion, within weeks if it keeps losing money at this pace. It also researches and analyzes laws, guidelines, specific cases, and duty imposition processes. For example, Panama and El Salvador have declared U.S. currency to be legal tender, and from 1791–1857, Spanish silver coins were legal tender in the United States. Have a confidential tip for our reporters? JSTOR (June 2013) (Learn how and when to remove this template message) Tight controls are most often found in developing economies where the capital reserves are lower and more susceptible to volatility. Understanding foreign exchange controls. The list is in accordance to their respective positions. Furthermore, Japan actively exchanges information with other countries, and collects information concerning the situation of circumventing exports to countries of concern and relevant sensitive technology that may be targeted for circumventing export , in order to increase effectiveness in trade control. Japan was the first country to reach $500 billion in reserves and had the highest forex reserves in the world until they were surpassed by China in 2006. These foreign-currency deposits are the financial assets of the central banks and monetary authorities that are held in different reserve currencies (e.g. Capital control represents any measure taken by a government, central bank, or other regulatory body to limit the flow of foreign capital in and out of the domestic economy. The opposition had called for currency controls, saying the government was in “virtual default.” Central bank reserves have slumped to $54.1 billion from $66.4 billion the day before primary. The IMF will “continue to stand with Argentina during these challenging times,” according to a statement by a Fund spokesman Sunday. At present there are only five countries whose reserves are at such a figure; this includes China, Japan, Russia, Switzerland and India. And since all the figures below are in U.S. dollar equivalents, exchange rate fluctuations can have a significant impact on these figures. Host countries restrict monetary transfers through regulation of: currency convertibility, limiting the extent to which local currency can be converted into foreign currency; conversion rate, controlling the rate that can be obtained for such a transaction; the types of currencies with which payments may be made; transferability of a currency off-shore and repatriation of profits off-shore. The government loosened the limits on cash withdrawals and increased the allowance for business cash transfers. The easing was expected to increase the amount of money held at Greek banks.  + 81 3-3501-0538, Security Export Control Policy Division, Trade and Economic Cooperation Bureau Before it's here, it's on the Bloomberg Terminal. Critics believe capital controls inherently limit economic progress and efficiency while proponents consider them prudent because they increase the safety of the economy. US reports are released on a weekly basis with the figures being of two weeks back. the U.S. dollar, the Euro, the Japanese yen and the Pound sterling) and which are used to back its liabilities (e.g.