IMF makes landmark update to exchange rate monitoring
As part of a reform of the IMF, the board agreed upon a new legal framework for bilateral surveillance that outlines warning signs (see box) that members may not be complying with the IMF's principles for exchange rate policies. A new fourth principle was added, stating a member "should avoid exchange rate policies that result in external instability".
Previously the IMF had three principles governing currency regimes. Countries should not manipulate the FX market to prevent balance of payment
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