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Open Market Operations in
Foreign Exchange
Source:
Encyclopedia of Banking & Finance (9h Edition) by Charles J Woelfel
(We recommend this as work of authority and you can order
it here)
Foreign
exchange operations are also conducted by the New York Federal Reserve
Bank for the system and the U.S. Treasury, in accordance with the foreign
exchange portion of the directives from the FOMC.
Like the manager for domestic open market operations, the manager
for foreign operations is a senior officer of the New York Federal Reserve
Bank; both are appointed to the manager posts annually by the FOMC, and
both attend the FOMC meetings to report on operations and to receive the
FOMC's directives.
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