Training Program

Central bank officials involved in FX operations and FX market development

Participants should possess a background in economics or finance, relevant work experience in central banking, and a basic understanding of FX operations and market dynamics.

The Joint Course on Central Bank Foreign Exchange (FX) Operations and Reference Exchange Rate, organized by the IMF South Asia Regional Training and Technical Assistance Center (SARTTAC) in collaboration with the IMF Africa Technical Assistance Center (AFRITAC East), aims to enhance central banks' understanding of how to effectively manage FX operations and their role in FX market development.This comprehensive course will cover key topics, including the calculation of reference exchange rates, principles of central bank FX operations, and strategies for conducting FX interventions. Participants will engage in discussions on case studies from central banks in various FX regimes, providing practical insights into the subjects covered. Additionally, the course will explore the implications of new Multi-Currency Practice (MCP) policies on FX operations and reference exchange rates. Emphasis will be placed on the challenges central banks face in communicating FX policies and operations, which vary by FX regime. The course will also address essential components for FX market development, such as the introduction of the FX global code, electronic trading platforms, and FX derivatives, ensuring participants are well-equipped to navigate the complexities of FX markets.The program will consist of a blend of lectures, discussions, and ample time will be allocated for individual central bank case studies. In consideration of the diverse and varied FX regimes among participating central banks, peer-to-peer learning is anticipated to be a significant benefit of this workshop. The course will conclude with a panel discussion where experts will summarize key insights and explore opportunities for implementing best practices in FX operations.