| Term | Swaps - cross-currency interest rate | | Definition | Cross-currency interest rate swaps (sometimes known as “currency swaps”) involve an exchange of cash flows related to interest payments and an exchange of principal amounts at an agreed exchange rate at the end of the contract; there might also be an exchange of principal at the beginning of the contract and, in these circumstances, there may be subsequent repayments, which include both interest and principal, over time according to the predetermined rules. | | Paragraphs | 11.38. |
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