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InvestHub.com's
Finance Dictionary and Glossary of Investment Terms

Currency swap  

Definition 1.

An agreement to swap a series of specified payment obligations denominated in one currency for a series of specified payment obligations denominated in a different currency.
 

Definition 2.

A swap that involves the exchange of principal and interest in one currency for the same in another currency.
 

Definition 3.

An arrangement in which two parties exchange specific amounts of different currencies initially, and a series of interest payments on the initial cash flows are exchanged. Often, one party will pay a fixed interest rate, while another will pay a floating exchange rate (though there may also be fixed-fixed and floating-floating arrangements). At the maturity of the swap, the principal amounts are exchanged back. Unlike an interest rate swap, the principal and interest are both exchanged in full in a currency swap.
 
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