Transparency in Central Bank Operations in the Foreign Exchange Market

Charles Enoch

No 1998/002, IMF Policy Discussion Papers from International Monetary Fund

Abstract: Transparency in the economic sphere involves making public sector action visible and understandable to the private sector. Transparency in central bank operations can be seen a complement to the greater transparency being established in policy formulation. Among the most important areas in this regard and the central bank’s operations in the foreign exchange market. This paper looks at the respective roles of overt and covert foreign exchange market operations, and considers that each may be appropriate under particular conditions. Reconciling covert operations with transparency requires rules for full disclosure with as short a lag as possible.

Keywords: PDP; authority; foreign exchange market; market; central bank intervention; central bank; country; market intervention; transparency; foreign exchange; management purpose; market counterparty; rate band regime; market participant; government transaction; discretionary market intervention; a number of country; market flow; market practice; exchange management purpose; market fundamentals; Currency markets; Central bank operations; International reserves; Foreign exchange intervention; East Asia; South Asia (search for similar items in EconPapers)
Pages: 24
Date: 1998-03-01
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Citations: View citations in EconPapers (11)

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