Foreign Exchange Services Market is estimated to be US$ 11,390.96 million by 2025 with a CAGR of 6.4

Siju Thomas27 Jun, 2022Other

The Global Foreign Exchange Services Market accounted for US$ 7,925.32 million in 2019 and is estimated to be US$ 11,390.96 million by 2025 and is anticipated to register a CAGR of 6.4%. Because there is no physical location where players meet to complete their agreements, the foreign exchange market is referred to as an OTC (over the counter) market. It is more of an informal agreement between banks and brokers who buy and sell currencies in a financing centre and are connected by telecommunications such as telex, telephone, and the SWIFT satellite communication network. The wholesale sector of the market, where transactions between banks take place, is referred to as the "foreign exchange market." All transactions between banks and their customers fall under the retail category.