Non-deliverable swap (NDS) - Financial definition
Concise definition of the term non-deliverable swap
A non-deliverable swap is a currency swap which involves at least one currency that is restricted or not convertible.
Comprehensive definition of the term non-deliverable swap
An NDS is so-called because there is no delivery of the two currencies involved, whereas in a classical currency swap there is physical exchange of the amounts in the involved currencies.