March 13, 2018 / 2:58 PM / 10 months ago

South Africa forms forex committee to promote transparency in market

JOHANNESBURG, March 13 (Reuters) - South Africa has established a foreign exchange committee to promote fairness and transparency in the foreign exchange market as well as adherence to global best practice, the central bank said on Tuesday.

The South African Foreign Exchange Committee (SAFXC) would consist of key professionals and associations such as dealers, the banking association and representatives of the Financial Services Board, the bank said in a statement.

“The SAFXC seeks to guide and encourage market participants to adhere to the FX Global Code to promote a fair and more transparent FX market as well as adherence to international best practice,” the South African Reserve Bank said.

The central bank said the global code provided a set of guidelines for promoting a fair and more transparent, liquid, open and robust market and also served as a supplement to existing local laws, regulations and rules.

The bank said South Africa’s commitment to the global code was in line with other central banks such as the Bank of England, the European Central Bank, Bank of Canada and the Reserve Bank of Australia. (Reporting by Olivia Kumwenda-Mtambo Editing by Ed Stoddard)

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