The use of currency swaps has almost no effect on the exchange rate,
 because the operations are carried out by spot-rate and basis risk both
 parties for the relevant currency positions do not change.  However, the key
 issue currency swap is to use it for interest
 Arbitration of leverage, which is impossible with the use of foreign currency
 as collateral.  Part of this problem can be solved by
 significant increase in interest rates on currency swaps (eg,
 increasing its ratio to the new spot-rate and exchange rate
 purchase of foreign currency).  However, this is not necessary, since foreign currency
 better to use as collateral, rather than as a tool
 refinancing, as provided in the Regulations.