hard currency

noun

1. money that is backed by gold reserves and is readily convertible into foreign currencies.

Example Sentences

The World Bank has estimated that the cash economy makes up 46% of the country’s GDP, as Lebanese distrustful of banks in the wake of the crisis have sought to deal in hard currency.

From Seattle Times

Across Argentina, hard currency — specifically, the country’s ubiquitous 1,000-peso notes — remains the most popular way to pay for things.

From Seattle Times

The lack of hard currency and needed equipment is making the situation even worse without agricultural supplies like insecticides and fertilizers, said Ricardo Torres, an economist at American University in Washington.

From Seattle Times

Communist states’ currencies were not convertible and the struggling command economies failed to produce enough decent goods to sell in exchange for hard currency.

From Seattle Times

Russia’s invasion of Ukraine was initially met with panic by some Russians after Western nations suspended flights and the ruble devalued, prompting some people to queue at cash machines to take out hard currency.

From Seattle Times