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The triennial central bank survey of foreign exchange and derivatives market activity in April 2001

09/10/2001 - Press Releases

In April 2001, 48 central banks and monetary authorities (among them the Bank of Greece ) participated in the above mentioned survey under the co-ordination of the Bank for International Settlements (BIS).

According to the results of this survey it is noted that the foreign exchange market activity in Greece declined substantially between 1998 and 2001. However, the results of the April 1998 survey should be put in the context of the financial environment prevailing in 1998. In particular, sharp swings in global financial sentiment were recorded. In this connection, the drachma’s central rate against the ECU was devalued in March 1998. Subsequently, an unwinding of positions against the drachma took place, contributing to unusually high foreign exchange market activity.

The average daily turnover on foreign exchange and derivatives market activity in April 2001 was $ 4.93 billion compared to $ 7.91 billion in the same month of 1998. In particular:

  • Spot daily turnover in April 2001 was $ 2 billion compared to $ 3,50 billion in April 1998,
  • Outright Forward totaled $ 283 million in 2001 compared to $ 790 million in 1998 and
  • Foreign Exchange Swaps totaled $ 2,65 billion in 2001 compared to $ 3,62 billion in 1998.

During the same period no important activity is noted in over the counter (OTC) currencies and interest rate derivatives.

Today, participating central banks and monetary authorities are publishing their national results while the BIS is publishing preliminary global results . The BIS plans to release the final results on foreign exchange and derivatives markets turnover in early 2002.

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