Few central banks use FX swaps to defend exchange rate

Just 7% of participating central banks report using this practice

An overwhelming majority of central banks do not use foreign exchange (FX) swaps to defend their exchange rates, data from the Reserve Benchmarks 2022 reveals.

Of the 41 financial institutions that responded to the subject, 39 (92.86%) central banks said they do not use this method to intervene in FX markets. Just three (7.14%) banks said they do.

The few central banks that implement FX swaps are from emerging markets. Two of the institutions are in the Americas and one is in the Asia-Pacific

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: