## FX Operations and Reference Exchange Rate

## Source details

**Canonical URL:** [FX Operations and Reference Exchange Rate](https://www.imf.org/en/capacity-development/training/icdtc/schedule/sa/2025/fposa25-20)

## Other formats

- [Markdown version](/en/capacity-development/training/icdtc/schedule/sa/2025/fposa25-20/index.md)
- [Structured JSON version](/en/capacity-development/training/icdtc/schedule/sa/2025/fposa25-20/index.json)
- [Bundle manifest](/en/capacity-development/training/icdtc/schedule/sa/2025/fposa25-20/bundle-manifest.json)

## Bibliographic details
- Session: SA 25.20
- Location: New Delhi, India
- Dates: April 21-24, 2025 (1 week)
- Delivery method: In-person Training
- Primary language: English
- Status: Deadline passed

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### Target audience and qualifications
- Target audience: Central bank officials involved in FX operations and FX market development.
- Qualifications:
  - Background in economics or finance.
  - Relevant work experience in central banking.
  - Basic understanding of FX operations and market dynamics.
- Status: Deadline passed

### Course logistics
- Session No.: SA 25.20
- Location: New Delhi, India
- Date: April 21-24, 2025 (1 week)
- Delivery Method: In-person Training
- Primary Language: English
- Organizers: IMF South Asia Regional Training and Technical Assistance Center (SARTTAC) in collaboration with the IMF Capacity Development Office in Thailand (CDOT)

### Course description
- Aim: Enhance central banks' understanding of effectively managing foreign exchange (FX) operations and their role in FX market development.
- Curriculum components:
  - Calculation of reference exchange rates.
  - Main principles of central bank FX operations.
  - Strategies for FX interventions.
  - Practical discussions based on case studies from countries with different FX regimes.
  - Exploration of implications of new Multi-Currency Practice (MCP) policies.
  - Addressing challenges of communicating FX policies and operations.
- Teaching methods:
  - Expert-led sessions.
  - Interactive discussions.
  - Panel discussion summarizing key insights and best practices for implementation in FX operations.

### Course objectives
- Enhance understanding of FX operations among central bank officials.
- Discuss the methodology for calculation reference exchange rates.
- Analyze case studies from central banks in different FX regimes.
- Address challenges in communicating FX policies and operations.
- Explore the implications of new Multi-Currency Practice (MCP) policies.
- Discuss the role of central banks for improving FX market functioning.
- Facilitate knowledge sharing through country case studies and professional discussions.

---


## References

- [In-person Training](https://www.imf.org/en/capacity-development/training/icdtc/delivery-methods)
- [VITARA - Compliance Risk Management (VITARA-CRM)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ol/2026/vitara-crmol26-234)
- [Introduction to Financial Programming and Policies (FPP.0 X)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ol/2026/fpp-0xol26-235)
- [Macroeconometric Forecasting (MFx)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ol/2026/mfxol26-175)
- [Introduction to Financial Programming and Policies (FPP.0 X)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ol/2026/fpp-0xol26-239)
- [Model-Based Monetary Policy Analysis and Forecasting (MPAFx)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ol/2026/mpafxol26-174)

_Source: https://www.imf.org/en/capacity-development/training/icdtc/schedule/sa/2025/fposa25-20_