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Currency Swap

   Also found in: Wikipedia 0.03 sec.
Currency Swap
A swap that involves the exchange of principal and interest in one currency for the same in another currency.

Notes:
Currency swaps were originally done to get around the problem of exchange controls.

Currency swap
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.
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For example, a corporation may be able to reduce its funding costs by obtaining financing from one market and then swapping, via a currency swap, all or part o the cash flows into the desired currency and interest rates.
The CEO's guide to derivatives by Beese, J. Carter, Jr. / Chief Executive (U.S.)
SFAS 52 deals with foreign currency transactions, including accounting for foreign-currency forwards and currency swaps, and SFAS 80 addresses the accounting for regulated interest-rate and commodity futures contracts.
Will the FASB clip the hedges? by Beier, Raymond J. / Financial Executive
A currency swap is an exchange of principal in two different currencies, with an agreement to repay principal at a specified date at current interest rates.
Ruling clarified UBIT exemption for swaps by Ben-Ami, Andrew R. / The Tax Adviser
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