The Reserve Bank of India (RBI) announced on Wednesday its renewed commitment to the FX Global Code, a framework designed to enhance the integrity and functioning of the wholesale foreign exchange market.
The FX Global Code comprises a set of global principles aimed at establishing guidelines that promote good practices within the FX market. It was created through collaboration between central banks and market participants worldwide, with its initial publication occurring in 2017.
In its official ‘Statement of Commitment to the FX Global Code,’ the RBI indicated that it has reviewed the Code and recognizes it as representing widely accepted principles of good practice in the wholesale foreign exchange sector.
The bank affirmed, “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 align its activities with the Code’s principles, the RBI has implemented appropriate measures that consider the scale and complexity of its operations as well as its role in the FX market.
The Global Foreign Exchange Committee (GFXC) is responsible for the promotion, maintenance, and periodic updating of the FX Global Code. The GFXC has conducted reviews and updates of the Code twice, with revisions taking place in July 2021 and most recently in December 2024.
The announcement was published on September 24, 2025.
