Reserve Bank renews its Statement of Commitment to the FX Global Code

The Reserve Bank of India (RBI) has renewed its Statement of Commitment (SoC) to the FX Global Code. The FX Global Code is a set of internationally recognised guidelines for good practices in the foreign exchange (FX) market. Its purpose is to promote integrity, transparency, and effective functioning in the global wholesale FX market.

The Code was created in 2017 through a collaboration between central banks and market participants from around the world. It is maintained and promoted by the Global Foreign Exchange Committee (GFXC), which has updated the Code twice—first in July 2021 and again in December 2024. More details about the Code are available at https://www.globalfxc.org. The RBI continues to support and follow the principles outlined in the Code.

After reviewing the FX Global Code, the RBI acknowledges that it represents widely accepted best practices for participants in the FX market. The RBI confirms that it operates as a Market Participant, as defined in the Code, and is committed to conducting its foreign exchange operations in line with the Code’s principles.

To ensure compliance, the RBI has taken steps appropriate to the size and complexity of its FX activities and the nature of its market engagement. These measures are intended to align all its FX operations with the standards and good practices recommended by the Code.