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Why has global FX turnover declined? Explaining the 2001 triennial survey


  • Gabriele Galati


The 2001 Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity showed that foreign exchange market turnover declined substantially between 1998 and 2001. In April 2001, average daily turnover in traditional foreign exchange markets was $1,210 billion, compared to $1,490 billion in April 1998. This represented a 19% decline at current exchange rates and a 14% fall when volumes are measured at constant exchange rates (Table 1). The decline in turnover over the last three years contrasts with the findings of previous surveys, which had reported a rapid rise in forex market activity.

Suggested Citation

  • Gabriele Galati, 2001. "Why has global FX turnover declined? Explaining the 2001 triennial survey," BIS Quarterly Review, Bank for International Settlements, December.
  • Handle: RePEc:bis:bisqtr:0112e

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    1. McCauley, R.N., 1997. "The Euro and the Dollar," Princeton Essays in International Economics 205, International Economics Section, Departement of Economics Princeton University,.
    2. repec:bis:bisqtr:0011e is not listed on IDEAS
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