FOREX CHANNEL > Forex glossary > Correspondent arrangement
Forex dealing
 
Correspondent arrangement


The agent agreement for the international settlement. Especially, forex business needs to have a function to deliver the relevant local currency overseas, while such a bank has no current accounts in the local central bank. This agreement makes them easily possible to recover a bill, make a remittance, insure a letter of credit, and to operate for settlement besides their home country.
 
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