Banking
FX Spot Trade — Buy USD (Bank's Trading Book)
The bank's treasury desk buys USD 1 million at the spot rate of 0.709.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| USD Nostro Account (Asset) | Asset (+) | 1,000,000.00 | - |
| JOD Settlement Account | Asset (-) | - | 709,000.00 |
| FX Position (JOD Equivalent) | Asset (+) | 709,000.00 | - |
💡 Accountant's Note
FX spot trades settle T+2. The bank's treasury maintains a 'position' in each currency. The profit or loss arises from the difference between the buy rate and eventual sell rate or revaluation rate.
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