RBI Reaffirms Commitment to FX Global Code by Renewing Statement of Commitment.

In September 2025, the Reserve Bank of India (RBI) renewed its Statement of Commitment (SoC) to the Foreign Exchange (FX) Global Code, reinforcing its adherence to international best practices in the FX market and promoting transparency, integrity, and effective functioning.

      - As per the renewed Statement of Commitment, RBI acts as a Market Participant, as defined under the FX Global Code.

      - The central bank has pledged to conduct all its FX market activities strictly in alignment with the principles outlined in the Code, ensuring ethical and standardized practices in wholesale FX trading.

      - The FX Global Code is a set of internationally recognized principles designed to promote integrity, transparency, and effective functioning of the wholesale foreign exchange market.

Main Point :-   (i) The FX Global Code was developed through a strategic partnership between central banks and global market participants, reflecting collective insights and best practices. It was first published in 2017 to establish consistent global standards for FX market conduct and enhance confidence in the international currency markets.

      (ii) The Global Foreign Exchange Committee (GFXC), the apex body responsible for maintaining and promoting the FX Global Code, has reviewed it twice since its publication.

(iii) The first review occurred in July 2021, followed by the second review in December 2024, ensuring that the Code remains up-to-date with evolving market practices and regulatory standards.
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