FX intervention
Central bank operations in the currency market that influence the exchange rate.
How to read the number
Worth separating from routine operations under a fiscal rule: those run on a schedule and make no attempt to set a level.
When the metric lies
The effect is bounded by the size of reserves and the turnover of the market. Against a steady outflow of capital an intervention buys time rather than a reversal.
Also known as: central bank currency operations