68 Interest rate swap contracts The Company has entered into interest rate swap contracts of USD long-term borrowings with two financial institutions totaling USD 140 million to swap interests from floating rate to fixed rate as specified in the contracts. The average fixed rate was between 2.63 percent and 2.75 percent. The contracts are effective from 15 November 2019 to 30 June 2025. As at 31 December 2023, the Company had outstanding interest rate swap contracts by USD 60 million (2022: USD 100 million). The above interest rate swap contracts will be swapped the interest every month from the effective date until the maturity date and will recognise the transactions as derivatives in the financial statements over the period of contracts. Cross currency interest rate swap contracts 1. The Company has entered into two cross currency interest rate swap contracts of Thai Baht long-term borrowings with two financial institutions totaling Baht 612 million to swap principals from Thai Baht to US Dollar at an exchange rate as specified in the contracts and to swap the fixed interest rate on Thai Baht to a fixed interest rate on US Dollar. The average foreign exchange forward rate was 30.60 Bath per USD. The contracts are effective from 5 March 2021 to 11 September 2023. As at 31 December 2023, the Company had no outstanding cross currency interest rate swap contracts (2022: Baht 612 million). The above cross currency interest rate swap contracts will be swapped the interest every March and September from the effective date until the maturity date and will recognise the transactions as derivatives in the financial statements over the period of contracts. 2. The Company has entered into three cross currency interest rate swap contracts of Thai Baht long-term borrowings with a financial institution totaling Baht 2,862 million to swap principals from Thai Baht to US Dollar at an exchange rate as specified in the contracts and to swap the fixed interest rate on Thai Baht principal to a fixed interest rate on US Dollar. The average foreign exchange forward rate ranged from 31.70 to 31.91 Baht per USD. The contracts are effective from 28 September 2020 to 30 November 2024. As at 31 December 2023 and 2022, the Company had outstanding cross currency interest rate swap contracts by Baht 2,862 million. The above cross currency interest rate swap contracts will be swapped the interest every ended of May and November from the effective date until the maturity date and will recognise the transactions as derivatives in the financial statements over the period of contracts. 361 56-1 ONE REPORT 2023 Notes to the Consolidate Financial Statements
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