RBI Renews Commitment to FX Global Code

Mumbai, Sep 24 (PTI) The Reserve Bank on Wednesday said it has signed a renewed statement of commitment to the FX Global Code.

The code is a set of global principles of good practice in the FX market developed to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market.

It was developed by a partnership between central banks and market participants from around the globe and was first published in 2017.

The Reserve Bank of India (RBI) has reviewed the content of the FX Global Code and acknowledges that it represents a set of principles generally recognised as good practice in the wholesale foreign exchange market, said 'Statement of Commitment to the FX Global Code'.

"The Bank confirms that it acts as a market participant as defined by the code and is committed to conducting its FX Market activities in a manner consistent with the principles of the code," the RBI said.

To this end, it has taken appropriate steps, based on the size and complexity of its activities, and the nature of its engagement in the FX market, to align its activities with the principles of the code, the statement added.

The Global Foreign Exchange Committee is entrusted with the promotion, maintenance and updating the code.

The GFXC has reviewed and updated the code twice, first in July 2021 and more recently in December 2024.