RBI renews Statement of Commitment to FX Global Code for FX markets

The Reserve Bank of India has renewed its Statement of Commitment to the FX Global Code, reaffirming adherence to principles promoting integrity in foreign exchange markets

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The Reserve Bank of India (RBI) has signed a renewed Statement of Commitment (SoC) to the FX Global Code, the central bank said in a release on Wednesday. The Code sets out global principles of good practice in the foreign exchange market and aims to promote the integrity and effective functioning of the wholesale FX market.

 

The RBI said it is a Market Participant as defined by the Code and is committed to conducting its foreign exchange (FX) market activities in accordance with the principles of the 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. 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 RBI said in its release.

 

The central bank added that it has taken steps, considering the size, complexity and nature of its FX operations, to ensure they remain consistent with the Code’s standards.

 

Since its launch in 2017, the FX Global Code has been revised twice — first in July 2021 and more recently in December 2024.