NEW YORK - The notional value of swap transactions outstanding grew 23.2% in the first half of this year, the International Swaps and Derivatives Association reported.

A survey of 61 dealers in the swaps association, conducted by the accounting firm Arthur Andersen, found the notional value of their contracts outstanding reached $13.9 trillion, up from $11.3 trillion at the end of 1994.

New contracts with a notional value of $4.2 trillion were written during the six months, up 8.7% from the preceding six month period.

Interest swaps climbed 22.7% to $10.817 trillion in notional principal. Currency swaps gained 13.7% to just over $1 trillion. Outstanding interest rate options rose 31.4% to more than $2 trillion.

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