Definition: Currency swap

SNA 1993

Currency swaps (also known as "cross-currency interest rate swaps") involve an exchange of cash flows related to interest payments and an exchange of principal amounts at an agreed exchange rate at the end of the contract; there might also be an exchange of principal at the beginning of the contract, and, in these circumstances, there may be subsequent repayments, which include both interest and principal, over time according to the predetermined rules.
United Nations, "System of National Accounts (SNA) 1993", § 11.38, United Nations, New York, 1993

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