IMF paper suggests Peruvian forex interventions are asymmetric
IMF paper analyses forex daily data from 2010 to 2013
The Central Bank of Peru's foreign exchange interventions are "asymmetric" since the central bank reacts differently to appreciation and depreciation pressures, according to a working paper published today by the International Monetary Fund (IMF).
"While forex purchases are driven mainly by excessive appreciation of the exchange, forex sales respond to both excessive exchange rate volatility and excessive depreciation of the exchange rate", says Melesse Tashu, author of Motives and effectiveness
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