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The Use of Foreign Exchange Swaps by Central Banks: A Survey
Author:
Ms. Catharina J. Hooyman null

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Series:
IMF Working Papers
Volume/Issue:
Volume 1993: Issue 064
Language:
English
Publication Date:
01 Aug 1993
DOI:
https://doi.org/10.5089/9781451848489.001
ISBN:
9781451848489
ISSN:
1018-5941
Pages:
30
Keywords:
WP; swap; currency; dollar; market; U.S. dollar; swap operation; swap transaction; forward market; Turkish lira; Fed issues dollar; profit and loss account; swap facility; Kuwaiti dinar; central bank loss; U.S. dollar swap facility; central bank need; Currency swaps; Currency markets; Currencies; Exchange rates; Africa; Global
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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The paper discussed the use of foreign exchange swaps by central banks. Such use has aimed at affecting domestic liquidity, managing foreign exchange reserves, and stimulating domestic financial markets. It discusses these different uses and present evidence for a selected group of countries. The paper cautions about the use of foreign exchange swaps to defend a particular exchange rate at a time when foreign exchange reserves are under pressure. It notes, finally, that use of foreign exchange swaps by central banks has been losing importance.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund