Simultaneous spot and forward transactions exchanging one currency against another. The Eurosystem can execute open market monetary policy operations in the form of foreign exchange swaps, where the national central banks (or the ECB) buy or sell euro spot against a foreign currency and at the same time sell or buy them back in a forward transaction.
FOREIGN EXCHANGE SWAP
Meaning of FOREIGN EXCHANGE SWAP in English
European Central Bank English Glossary. Английский глоссарий Европейского Центрального Банка. 2012