This dynamic has generated excess liquidity in foreign exchange on the foreign exchange market
and has maintained a kind of virtuous circle that has supported the appreciation of the dinar," according to the document.
According to the National Bank of the country, the meeting discussed the implementation of financial and credit and foreign exchange policies, the regulation of the domestic foreign exchange market
, the elimination of the human factor and the prevention of artificial barriers in the domestic foreign exchange market
We are confident that this move (FX Global Code signing) will support an improvement in the public's faith in the foreign exchange market
. This is a signal that Jamaica is open and ready for business,' Wynter added.
The Director, Corporate Communications Department at the CBN, Mr Isaac Okorafor, confirmed the sales, just as he reaffirmed the Bank's commitment towards sustaining the level of stability in the foreign exchange market
"The Integrated foreign exchange market
activity will have a positive effect on the foreign currency market.", he said,Trendreports citing IRNA.
"The BSP's participation in the foreign exchange market
will generally, but not strictly be limited to smoothing volatility of the peso and ensuring orderly conditions in the foreign exchange market
," he said.
Relentless increase in crude prices since July did increase speculative activities in foreign exchange market
that may have been avoided through vaguely right/ proactive measures, it said.
'The SBP will continue to closely monitor the situation and stands ready to intervene in case of any unwarranted volatility in the foreign exchange market
,' it emphasised.
This and a slew of reforms for the debt and foreign exchange markets
were outlined before financial industry officials last week by the Bangko Sentral ng Pilipinas who noted an increasing demand for a more active capital market due to global developments.
According to the finance ministry, Lagarde told Kim that disclosing interventions in the foreign exchange market
will help with stabilization of the macroeconomy by enhancing transparency of economic policies while serious side effects aren't likely to follow when considering Korea's foreign exchange and financial markets.
In the foreign exchange market
, the favorable movements of late December last year, which were characterized by a higher demand from exchange offices, continued in early January as well, leading to banks buying foreign currency in transactions with all clients on a net basis, which is why they directed a portion of the liquidity surplus toward the National Bank, which purchased 5 million euros.