South Africa has become a member of an expanded and formalised Global Foreign Exchange Committee, whose objectives are to promote collaboration among local foreign exchange committees, to exchange views on trends and developments in  1 Johannesburg Interbank Agreed Rate  Page 6 of 8  global foreign exchange markets, and to promote, maintain and update the Global Code on a regular basis to ensure its continued relevance.
Each member foreign exchange committee designates a central bank and private sector representative for the Global Foreign Exchange Committee. Following consultations with the Financial Markets Liaison Group and its foreign exchange subcommittee, we have endorsed and adopted the Global Code.