Source: BS
Context:
In September 2025, the Reserve Bank of India (RBI) reaffirmed its commitment to global best practices in the foreign exchange (FX) market by renewing its Statement of Commitment (SoC) to the FX Global Code.
Key Highlights:
- Purpose: Ensures that RBI conducts its FX market operations in line with internationally recognised principles of good practice.
- Role: RBI acts as a Market Participant under the Code.
- First Published: The FX Global Code was first published in 2017.
- Review: Reviewed twice by the Global Foreign Exchange Committee (GFXC) – first in July 2021 and later in December 2024.
About FX Global Code:
- Objective: Sets global principles of good conduct to promote the integrity and effective functioning of the wholesale FX market.
- Background: Developed through a strategic partnership between central banks and market participants worldwide.
- Significance: Reinforces RBI’s adherence to transparency, fairness, and market integrity in FX operations.
