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(1) Technically, a Eurocurrency is a deposit claim on the domestic banks of the country whose currency is used to denominate the claim, deposited in a bank located outside the country-including foreign branches of the currency-issuing country's domestic banks. (2) Dollars, D-marks, yen, pounds, or any other currency deposit or instrument which is outside the formal control of the issuing country's monetary authorities. The 'Euro' prefix describes only the geographical origins of the first markets in securities denominated in these unregulated currencies. Today many Euromarkets are located in Asia and elsewhere around the world. Also called Eurodollars, Eurosterling, etc.
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