Читать книгу Foreign Exchange: The Complete Deal - James McDowell. Sharpe - Страница 25

The forward market has been used on a number of occasions for intervention purposes. This is the purchase or sale of foreign exchange for delivery at a future date. Intervention in the forward market has the advantage that there is no immediate cash outlay and therefore the impact on domestic liquidity (and the need for sterilisation) is at least delayed until the maturity of the foreign exchange contracts. Public reports indicated that the Bank of Thailand used this to defend the baht in 1997 (Moreno 1997).

Options have been used in a few cases (such as in Mexico in August 1996) to intervene in the exchange market, but not recently. As is the case with forwards, options do not immediately change the level of reserves and therefore do not require sterilisation. However, in so far as intervention operates through signalling the intentions of central banks, transactions involving options may not quite have the desired visible impact. The spot market is the favoured vehicle.