Balance or obligation in CE$
Expresses an internal right in the proposed monetary unit, according to the nature of the corresponding account or legal relationship. The record must identify who the debtor, custodian or operator is.
two different legal relationships
Internal balance × external money
Holding CE$ or another internally recognised balance does not mean also holding dollars, euros, SDRs or segregated external resources in your name. External conversion is a separate transaction with a real counterparty, price, conditions and legally available capacity.
No automatic convertibilityNo individual reserveArt. 284-C
Compare the two situations
External currency actually settled
Requires a real external channel and counterparty, applicable law and completion of conversion. Reference to the SDR does not deliver SDRs to the holder or create a general repurchase obligation.
Four questions before treating a balance as external money
Who must pay?
The Central Bank, a bank, a payment institution, a custodian and an external provider have different obligations.
What kind of value is it?
Deposits, payment balances, custody, claims and currency are categories that cannot be exchanged merely by changing the label.
Is there a contractual right?
The price or pricing method, costs, limits, risks and settlement condition must be identified.
Is the channel actually operational?
The absence of a provider or liquidity does not authorise appropriation of Central Bank reserves.