An agreement to swap a series of specified payment obligations denominated in one currency for a series of specified payment obligations denominated in a different currency. Usually fixed for fixed. Bloomberg Financial Dictionary
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► See Swap.
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currency swap UK US noun [C]
► BANKING, FINANCE an agreement between two organizations to change the amount of money lent or the interest payments of a loan made in one currency for the same part of a loan in another currency: »
When they borrowed dollars from the bank, they entered into a currency swap to protect the value of their loan for projects that had to be paid in pesos.
Financial and business terms. 2012.