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RBI Renews Commitment to Global FX Standards
The Reserve Bank of India (RBI) has signed a renewed statement of commitment to the FX Global Code, a key set of principles that promotes integrity and good practices in the wholesale foreign exchange market.
Developed by a partnership between central banks and market participants, the code was first published in 2017. The RBI confirms it will continue to conduct its FX market activities in a way that is consistent with these principles.
The code is regularly reviewed and updated by the Global Foreign Exchange Committee (GFXC), with the most recent updates taking place in December 2024. This renewed commitment from the RBI reinforces its dedication to a fair and effective global FX market.
A slightly more detailed version with a clear breakdown
RBI Commits to the FX Global Code: What It Means
The Reserve Bank of India (RBI) has reaffirmed its commitment to the FX Global Code, a global standard for good conduct in the foreign exchange (FX) market.
What is the FX Global Code?
It’s a set of principles designed to ensure the integrity and effective functioning of the wholesale FX market. It was developed in 2017 by a global partnership of central banks and market participants.
RBI’s Stance
The RBI has reviewed the code and confirmed that it represents a set of principles it recognizes as good practice. By signing the renewed statement, the RBI commits to aligning its own FX market activities with the code’s principles, taking steps appropriate to the size and complexity of its operations.
Code Maintenance
The code is managed and updated by the Global Foreign Exchange Committee (GFXC). It was last updated in December 2024 to ensure it remains relevant and effective.
The RBI’s continued support for this code is a strong signal of its dedication to maintaining a fair, robust, and transparent FX market.
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