Exchange Rates

Official reference exchange rates may differ from executable transaction rates because reference rates are informational benchmarks rather than necessarily the prices available in a real-time transaction.

An FX swap combines an exchange of two currencies on a near date with an agreed reverse exchange on a later date, generally at a different rate.

Exchange-rate movements can affect domestic inflation through the prices of imported consumer goods, raw materials, and intermediate inputs.

The BIS 2025 Triennial Survey reported average daily turnover of $9.6 trillion in global over-the-counter foreign-exchange markets in April 2025.