Repayment of a loan in shekels according to the dollar rate at the time of repayment

Shalom,

A person sold a product to his friend for a sum of money in dollars, and they set the time of payment for a later date. At the time of payment he gave him the amount in shekels according to the dollar exchange rate at the time of repayment. Is there any problem of ribit (interest) in this?

Shalom u-verakha,

No, there is no problem of ribit.

The Taz, Orach Chaim 162:1, says that the entire law of the prohibition of lending a se’ah for a se’ah without the mentioned leniencies applies only to a loan, but when it is done in the manner of a sale it is permitted and does not require these leniencies. One must examine how to define the manner of a sale, and it seems that if they stipulated that he will return a different product from what he borrowed, this is defined as a sale; whereas if he returns the same product that he borrowed, this is defined as a loan (as explained in the Gemara, Bava Metzia 46, regarding coins). However, this is difficult in light of the words of the Rema, Yoreh De’ah 162:5, who cites the Raavad, that all that was permitted through the leniencies of “the price has gone out” and “he already has it” applies only to a se’ah of wheat for a se’ah of wheat, but for a se’ah of wheat for a se’ah of millet these leniencies do not help. This shows that it is even more stringent when he returns a different product than when he returns the same product. It must therefore be explained in accordance with the words of the Chavot Da’at, 161:1, that the definition of a sale or a loan depends on the wording that they agreed upon. If they agreed that he is lending him the product on condition that he will return millet, it is forbidden even with the leniencies of lending a se’ah for a se’ah; but if they agreed that he is selling him the product, the matter is permitted even without the leniencies of lending a se’ah for a se’ah. And the Chavot Da’at says that there is a practical difference between the wording of a loan and the wording of a sale: if he said it in the wording of a loan, he is obligated to return the same product that he borrowed; but if he said it in the wording of a sale, even if he undertook to give in exchange a specific product or the same product, he can give him its monetary value, as explained in the Rema, Choshen Mishpat 332:4.