currency swap
An agreement to swap specified payment obligations denominated in one currency for specified payment obligations denominated in a different currency.
An agreement to swap specified payment obligations denominated in one currency for specified payment obligations denominated in a different currency.
swap, n. Commercial law. 1. An exchange of one security for another. 2. A financial transaction between two parties, usu. involving an intermediary or dealer, in which payments or rates are exchanged over a specified period and according to specified conditions. currency swap. An agreement to swap specified payment obligations denominated in one currency for