远期利率协议（Forward Rate Agreement），香港译作利率套戥协议，为远期合约的一种。在合约开始之先，买卖双方会定下一（固定）协议利率，然后再根据合约期满时的（浮动）参照利率由负方支付差额。买方为固定利率支付者，卖方为浮动利率支付者。合约一般都以伦敦同业拆息(LIBOR) 或欧元同业拆息(EURIBOR) 作为参照利率。

合约期满之差额计算如下︰利率差距 X 协议本金 X 日数

如参照利率比协议利率为高，卖方需支付买方合约差额。相反，如协议利率比参照利率为高，买方需支付卖方合约差额。

In finance, a forward rate agreement (FRA) is a forward contract, an over-the-counter contract between parties that determines the rate of interest, or the currency exchange rate, to be paid or received on an obligation beginning at a future start date. The contract will determine the rates to be used along with the termination date and notional value. On this type of agreement, it is only the differential that is paid on the notional amount of the contract. It is paid on the effective date. The reference rate is fixed one or two days before the effective date, dependent on the market convention for the particular currency. FRAs are over-the counter derivatives. FRAs are very similar to swaps except that in a FRA a payment is only made once at maturity. Instruments such as interest rate swap could be viewed as a chain of FRAs.