Future buying and selling of foreign exchange – FX FWD belongs to a group of future transactions because it defines date of transaction execution longer than two working days from the day of agreement. FX FWD is contracting for buying and selling of foreign exchange on a certain future date according to advance agreed and fixed exchange rate. It is used as instrument of protection from foreign exchange risk (hedging), ie future money flows. The future exchange rate is product of current market exchange rate and difference in the size of  market interest rates on two currencies, and does not represent speculation or foreseeing. The contracting for FWD transactions is very simple and is made by phone and no fees are collected, as in case of any other product of the Department.