 In this section, I will explain how the hedging can take place against foreign exchange risk using swap contracts by an example. So, we are assuming that we are having a situation in which there is a US-based company which deals with computers. Then, there is another company which is a German company and it wants to sell some software from the US-based company to Pakistan. So, as we can see that the German-based company will pay, some software is buying from the US-based company. The currency used in the USA is US Dollars. The German-based company has planned to pay in euros. So, because there are two types of currencies involved, and again we can see that over time there could be fluctuations in the foreign exchange rate. So, both the parties who are buying the German-based company and the US-based company are forcing that there may be a risk, because there will be fluctuations in the foreign exchange rate and the German-based company wants to buy the software from them. May be they are going to buy this particular software for the next 10 years. So, they said that they will repay you for the next 10 years on a salary basis. So, because there is a 10-year time period involved and there are two types of currencies involved, there would be a lot of risk for both companies because none of the two countries know that over the time there will be a favorable exchange rate for the currency. So, in this kind of situation, they might go for a contract to manage the foreign exchange risk. In which they want to hedge themselves. And we are going to take an example of Swap Contract. Through this, I will explain how using the concept of Swap Contracts, the two companies can hedge themselves against the foreign exchange risk. So, assuming this situation, the German-based company is saying that they will pay you for the next 10 years for the next 10 years. Every year or together, there will be 10 payments for the 10-year contract. And in this, they are hedgeing. We are assuming that they are using the concept of currency Swap Contracts. In which they will have to see and lock. The exchange rate at this time might go up or down in the subsequent 10 years. So, they will have to lock the exchange rate at which the trade or the payments will take place. So, when they will get into the Swap Contract, they will have to specify the exchange rate. They will have to specify the terms and conditions. They will have to specify the frequency of payments. They will have to specify the total time period over which this particular contract will take place. So, they will have to take all these decisions from the beginning. This is why we have said that we are doing a forward contract here. But we are using the Ejigoria and Swap Contracts instrument. To hedge here, we are signing both the parties' contracts. So, we are assuming that the exchange rate at which the contract is taking place is the exchange rate of 1.30 per euro per market. With this particular exchange rate, they have defined their Swap Contract. And they have said that the subsequent payment will be defined on this exchange rate. They will lock it there. So, this is how the entire contract will take place. Every year, they will have to... The euro payment will be made by considering this particular exchange rate which is defined and locked at 1.30 as I mentioned earlier. When we look at the overall concept of Swap Contracts, this particular concept was originated. People started working on this particular type of contracts or they started investing in this type of contracts at international level in early 1980s. And till now, this is a widespread spread. Overall, the entire world uses this type of contract. And even in Pakistan, we see that there are multiple organizations, multiple financial firms, multiple institutions which do business in Swap Contracts. When we look at the type of products or type of commodities that are involved in Swap Contracts, we see that there are wheat and oil, all these types of things plus currency, interest rate swaps. All these things seem to be a business through Swap Agreements. So, this is another way through which you can hedge your risk and through this example, we tried to understand how foreign exchange reserves or foreign exchange risks through Swap Contracts and how you can hedge them.