Tubeloom

Definition of Foreign Exchange

>> Sunday, September 27, 2009

In the word of H.E. Evitt, "The means and methods by which rights to wealth expressed in terms of the currency of one country are converted into rights to wealth in terms of the currency of another country are known as foreign exchange".

Hartley Whither defines foreign exchange "as a mechanism by which international indebtedness is settled between one country and another.

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