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Definition: Forward foreign exchange contract


A forward foreign exchange contract involves two counterparties who agree to transact in foreign currencies at an agreed exchange rate in a specified amount at some agreed future date.

This definition is used both in SNA 1993 (§ 11.38) and in SNA 2008 (§ 11.121). United Nations, "System of National Accounts (SNA) 1993", United Nations, New York, 1993
European Commission (Eurostat), International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD), United Nations (Statistics Division), World Bank, "System of National Accounts 2008", United Nations, New York, 2009