Quarterly Review

Publications by quarter

BIS Quarterly Review, September 2006
Forward currency markets in Asia: lessons from the Australian experience

11 September 2006

by Guy Debelle, Jacob Gyntelberg and Michael Plumb



Capital controls have resulted in the creation of numerous offshore non-deliverable forward (NDF) markets for Asian currencies. The Australian experience in the 1970s and early 1980s indicates that an NDF market may facilitate a smooth transition to a fully convertible currency.

JEL classification: F310, G150, G180, N250.