Question
Foreign Currency Account
Answer :
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A Foreign Currency Account (FCA) is a bank account that allows exporters and importers to hold, receive, and make payments in foreign currencies instead of the domestic currency. It is an essential tool in international trade as it facilitates smooth cross-border transactions and reduces the risks associated with currency fluctuations. Exporters can receive payments in foreign currencies directly into the FCA, which helps in avoiding repeated conversion into the local currency and minimizes exchange rate losses.
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