Foreign exchange dealer

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Foreign exchange dealer

A firm or individual that buys foreign exchange from one party and then sells it to another party. The dealer makes the difference between the buying and selling prices, or the spread.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Foreign Exchange Dealer

A trader who buys and sells currencies. For example, a foreign exchange dealer may buy dollars from one party and sell them to another at a different exchange rate. The dealer profits from the difference in exchange rates between currencies.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
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Covered persons supervised by the Bangko Sentral ng Pilipinas (BSP) includes banks, quasi-banks, trust entities, pawnshops, electronic money issuers, foreign exchange dealers and money changers, while those supervised by the Insurance Commission includes insurance providers, pre-need companies, agents, brokers, professional reinsurers, holding firms, and mutual benefit associations.
A delegation of Foreign Exchange Dealers, led by the President of Forex Association of Pakistan, Malik Bostan, called on Adviser to Prime Minister on Finance, Revenue and Economic Affairs, Dr Abdul Hafeez Shaikh, here, a finance ministry statement said.
ISLAMABAD -- The foreign exchange dealers on Tuesday suggested to the government that it should expand the size of currency swap agreement with China and enter into similar pacts with Middle Eastern countries in order to reduce pressure on the rupee.
Islamabad -- Foreign Exchange Dealers Tuesday expressed concern over under invoicing by some importers and suggested that the custom authorities should take over the goods, by auctioning them, of the importers who are involved in under invoicing causing losses to national exchequer.
The meeting was attended by Secretary Finance, Naveed Kamran Baloch, Governor State Bank of Pakistan, Dr Reza Baqir, senior officials of Ministry of Finance and representatives of foreign exchange dealers.
ISLAMABAD -- A delegation of foreign exchange dealers, led by President of Forex Association of Pakistan, Malik Bostan called on Adviser to Prime Minister on Finance Dr.
ISLAMABAD -- A delegation of the foreign exchange dealers, led by Forex Association of Pakistan President Malik Bostan, called on Adviser to Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh on Tuesday to suggest various measures aimed at improving the foreign liquid reserves of the country.
He said that in the past some foreign exchange dealers used to collect and withhold dollars in bulk to create artificial shortage of the currency in the open market.
The value of the dollar shot up by Rs 11.70 bringing a historical high of Rs 138 before it slightly dipped to Rs 136 and Rs 134 in the open and the interbank markets respectively at the close of the business, according to the foreign exchange dealers. But the worst is still to come as Minister for Ports and Shipping Ali Zaidi told reporters that the dollar is likely to hit Rs 140 in days to come.
Yesterday, seven people including a former deputy central bank governor and five foreign exchange dealers were arrested for alleged economic crimes, according to the spokesman.
Five foreign exchange dealers and an employee in the bank president's office were also arrested for alleged financial and monetary manipulation, judiciary spokesman Gholamhossein Mohseni Ejei told local media.
The rupee appreciated by Rs1 in the open market against the greenback on Thursday to Rs123.80, revealed foreign exchange dealers.

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