Currency convertibility: Theory and practice of regulation

Subject. This article examines the content of the concept of currency convertibility, as well as modern regulatory practices in Russia and in developing countries. Objectives. The article aims to develop a scientifically grounded definition and criteria for currency convertibility and use them to assess the convertibility of the currencies of developing countries. Methods. For the study, I used the general scientific methods of cognition, including systems and comparative approaches. Results. Based on the consideration of theoretical approaches to understanding convertibility, the article offers its interpretation, analyzes currency regimes in developing countries, including Russia, and proposes a classification of their currencies based on the formulated criteria of convertibility. Conclusions and Relevance. The process of liberalizing currency regulation and transitioning to full currency convertibility has noticeably slowed down. The experience of foreign countries can be useful to Russia, that returned to partial convertibility of the ruble in 2022. The results of the study may be useful for the formulation of State policy regarding the convertibility of the ruble, as well as for academic courses on global economics and international monetary and credit relations.