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An FX Forward implies the purchase or sale of a foreign currency where counterparts have agreed that the deal will be executed on a specific date in the future at the exchange rate fixed on the day of concluding the Agreement. This product is particularly convenient for importers and exporters because it enables them to be protected from the FX risk. Forward rate is a product of the current market price (spot) and difference in interest rate currencies traded in the period prior to the date of execution.

Product advantages:

  • FX risk hedge
  • Customer’s account is debited / credited on the day of deal execution

Product characteristics:

  • Deals are closed by phone or e-mail
  • An Agreement is concluded between the customer and the Bank
  • To be protected against default risk, the customer is obliged to make a special purpose deposit proportional to the validity of the agreement
  • Upon maturity the Bank shall inform the customer about the execution, shall make the conversion and release the deposit from the customer’s special purpose account
  • Other details are agreed directly with the customer