This paper shows how invoicing currency reshapes the welfare case for capital-flow management. In a two-country New Keynesian model with optimal monetary policy, capital controls are beneficial under producer-currency pricing only when inefficient markup shocks move inflation through wealth effects. Under local-currency pricing, sticky export prices break the law of one price and create a wedge between exporters’ foreign currency revenues and domestic marginal costs. A planner can use capital flow taxes/subsidies to steer the exchange rate, compress export markup distortions, and stabilize export price inflation. Controls raise welfare not only for markup shocks but also for efficient productivity and demand shocks, and they remain desirable even when wealth effects on labor supply are shut down. Under local-currency pricing, the parameter region with excessive capital flows disappears, strengthening the case for intervention.