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India will soon get a seat on the Global Foreign Exchange Committee (GFXC), a newly-constituted forum of central bankers and experts working towards promotion of a robust and transparent forex market.
The committee has been set up under the guidance of the Bank for International Settlements (BIS), an international financial organisation owned by 60 member central banks, representing countries from around the world.
Global Foreign Exchange Committee
- The Global Foreign Exchange Committee was established in May 2017
- To promote collaboration and communication among the local foreign exchange committees (FXCs) and non-GFXC jurisdictions with significant FX markets
- Exchange views on trends and developments in global FX markets, including on the structure and functioning of those markets, drawing on information gathered at the various FXCs.
- It will promote, maintain and update on a regular basis the FX Global Code (the Code) and to consider good practices regarding effective mechanisms to support adherence.
Bank for International Settlements : An international financial institution owned by central banks which fosters international monetary and financial cooperation and serves as a bank for central banks. The BIS carries out its work through its meetings, programmes and through the Basel Process hosting international groups pursuing global financial stability and facilitating their interaction. It also provides banking services, but only to central banks and other international organizations.
Source : Economic Times
GS II : Important International institutions, agencies and fora- their structure, mandate