Foreign exchange market intervention in emerging markets: motives, techniques and implications

Overview

On 2 and 3 December 2004, the BIS hosted a meeting of Deputy Governors of central banks from major emerging market economies to discuss foreign exchange market intervention. Some flavour of the discussion can be gleaned from the following central bank papers, along with papers prepared by BIS staff.

The views expressed are those of the authors and do not necessarily reflect the views of the BIS or the central banks represented at the meeting.

Individual papers (or excerpts thereof) may be reproduced or translated with the authorisation of the authors concerned.

BIS background papers

	Title	Languages
	Foreign exchange market intervention in emerging market economies: an overview	EN
	Motives for intervention by Ramon Moreno	EN
	Governance aspects of foreign exchange interventions by Paul Moser-Boehm	EN
	Foreign exchange market intervention: methods and tactics by David Archer	EN
	Intervention: what are the domestic consequences? by Madhusudan Mohanty and Philip Turner	EN
	Survey of central banks' views on effects of intervention by Dubravko Mihaljek	EN
	The effectiveness of foreign exchange intervention in emerging market countries by Piti Disyatat and Gabriele Galati	EN

Contributed papers

	Title	Languages
	Foreign exchange intervention in Argentina: motives, techniques and implications by Claudio Irigoyen	EN
	Provision of FX hedge by the public sector: the Brazilian experience by Afonso S Bevilaqua and Rodrigo Azevedo	EN
	Flexible exchange rate regime and forex intervention by José De Gregorio and Andrea Tokman R	EN
	Foreign exchange market intervention in Colombia by José Dario Uribe and Jorge Toro	EN
	Forex interventions: the Czech experience by Tomáš Holub	EN
	Foreign exchange market operations: the recent experience of Hong Kong by Peter Pang	EN
	Defending the strong side of the band: the Hungarian experience by Zsolt Érsek	EN
	Foreign exchange intervention and policy: Bank Indonesia experiences by Bank Indonesia	EN
	Approaching a decade of no foreign exchange intervention - lessons from Israel by Meir Sokoler	EN
	Foreign exchange intervention and foreign exchange market development in Korea by Gwang-Ju Rhee and Eun Mo Lee	EN
	Central banking intervention under a floating exchange rate regime: ten years of Mexican experience by José Julián Sidaoui	EN
	The Reserve Bank of New Zealand's new foreign exchange intervention policy by Kelly Eckhold and Chris Hunt	EN
	Forex interventions in Peru: 2002-2004 by Adrián Armas	EN
	Exchange rate policy and foreign exchange interventions in Poland by Jerzy Pruski and Piotr Szpunar	EN
	Foreign exchange intervention in Saudi Arabia by Muhammad Al-Jasser and Ahmed Banafe	EN
	South Africa: official foreign exchange operations by South African Reserve Bank	EN
	Foreign exchange policy and intervention in Thailand by Financial Markets Operations Group, Bank of Thailand	EN
	Monetary and exchange rate policies in the post-crisis period in Turkey by Fatih Özatay	EN
	Foreign exchange intervention in Venezuela by Iván Giner and Omar A Mendoza Lugo	EN