Definitions for "Forward Rate Agreement"
FRA. A forward contract that specifies an interest rate to be paid on an obligation...
Agreement to borrow or lend an amount of cash some time in the future at an interest rate that is fixed today.
contract for borrowing or lending at a stated interest rate over a stated time period that begins at some time in the future. FRAs are used by parties wishing to protect themselves against future interest-rate movements.