Bank-PO (IBPS) General-Awareness Banking and Finance Revision (Page 18 of 40)

Foreign Exchange

Various instruments used to settle payments for transactions between individuals or organizations using different currencies (e. g. notes, cheques, etc. )

Foreign Trade

The exchange of goods between two nations.


A form of export finance in which the forfaiter accepts, at a discount from the exporter, a bill of exchange or promissory note (note) from the exporter’s customer; the forfaiter in due course collects payment of the debt. Such notes are normally guaranteed by the customer’s bank. Maturities are normally up to three years.

Forward Contract

A contract in which one party agrees to buy, and the other to sell, a specified product at a specified price on a specified date in the future.

Forward Cover

Forward purchase or sale of foreign currency to offset an anticipated future cash flow.

Funded debt

Generally, a short-term debt that has been converted into long-term debt funding.

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