Reserve Bank renews its Statement of Commitment to FX Global Code

The Reserve Bank of India has signed its renewed Statement of Commitment (SoC) to the FX Global Code (“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 Global Foreign Exchange Committee (GFXC) is entrusted with the promotion, maintenance and updating the Code. Accordingly, the GFXC has reviewed and updated the Code twice, first in July 2021 and more recently in December 2024. The Reserve Bank continues to support the principles of good practices within the Code.