Which of the following statement in CORRECT?

Forward parity states that any forward premium or discount is equal to the expected change in the exchange rate.

The International Fisher Effect $($IFE$)$ states that the currency of the country with a lower nominal interest rate is expected to depreciate against the currency of the country with the lower nominal interest rate.

Parity conditions are equilibrium conditions and hold in both short$-$term and long$-$term time periods.

The interest rate parity is said to be covered when the no$-$arbitrage condition could be satisfied through the use of swap contracts in an attempt to hedge against foreign exchange risk.

Interest Rate Parity $($IRP$)$ is best defined as when the central bank of a country brings its domestic interest rate in line with its major trading partners.