Currency Forward is an agreement between the the bank and the client to purchase or sell a corresponding sum of one currency, which amount is established in the transaction, exchanging it for another currency according to the exchange rate agreed on the day the transaction was concluded, establishing a payment date of greater than two banking days. This transaction prohibits future currency earnings from fluctuations in the currency exchange rate.
Neither the bank nor the client may terminate a forward. If necessary, it is possible to extend or advance its final settlement date by concluding a new swap.
For more information, telephone 1636.
1636 (Weekdays 8-19)