The statement said,'Instruments such as forward swaps
and balance of payment support are used by central banks and governments all over the world to strengthen their foreign exchange reserves position.
These reserves are inclusive of $6.6 billion of forward swaps
He explained the government had been able to disguise the amount of additional borrowing required, in part through the creation of what was described as a "secret negative forward book", to re-acquire foreign exchange through "forward swaps
" worth around $12.5bn.
The government borrowed cash to buy back foreign exchange through "forward swaps
" worth around $12.5billion.
Also, the government has met targets on net international reserves, including forward swaps
and borrowing from the central bank.
We have yet to discuss forward swaps
, cross-collateralization, cross-defaults, embedded swaps, mark-to-market valuations, or the twenty-eight page ISDA Master Agreement.
(2006), Olivier and Jeffery (2004), Smith (2005), and Cairns (2007) to derive a consistent framework for pricing a wide range of linear survivor derivatives, such as forwards, basis swaps, forward swaps, and futures.
Thus, [[pi].sub.forwardswap]--the risk premium for the forward swap contract--must equal the weighted average of the individual values of [[pi].sub.n] used in the replication strategy.
It will offer broker services for trading of sukuks (Islamic equivalent of bonds), inter-bank money market transactions by murabaha (commodity-based Islamic finance); credit default swaps (CDS) and global currency products such as foreign exchange and forward swaps
(13) The dependent variable in the regressions is the monthly change in the interest rate on one-year forward swaps
for settlement one year ahead (a proxy for short-term wholesale interest rates), and the comparably transformed interest rate on one-year forward swaps
for settlement five years ahead (as a proxy for long-term) wholesale interest rates.
In the regressions above, we obtain similar statistical results regardless of whether we regress five-year Treasury rates on forward Treasury rates or forward swaps
The proposals fell into three major categories: forward swaps
, forward bonds and tender programs.