The Reserve Bank proposed greater flexibility to authorised persons to undertake foreign exchange transactions for hedging their exposures, balance sheet management and market-making, as well as to ease reporting obligations, after a review of the current regulations. Authorised banks and standalone primary dealers access the foreign exchange market for market making, balance sheet management and hedging of risks. On Tuesday, the central bank issued draft directions on 'Foreign Exchange Dealings of Authorised Persons' aimed at providing greater flexibility to authorised persons to deal in products and undertake foreign exchange transactions for hedging their exposures, balance sheet management and market-making, as well as to ease reporting obligations.
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