01686cas a2200241 a 4500 AALejournalIMF014858 230101c9999 xx r poo 0 0eng d 5.00 USD 9781484340189 1018-5941 BD-DhAAL BD-DhAAL Tashu, Melesse. Motives and Effectiveness of Forex Interventions : Evidence from Peru / Melesse Tashu. Washington, D.C. : International Monetary Fund, 2014. 1 online resource (31 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper assesses empirically the motives and effectiveness of forex interventions in Peru. While the central bank of Peru states that its forex interventions aim only at containing excessive exchange rate volatility, the results of this paper show that, in practice, the interventions seem to have aimed at 'leaning against the wind' as well. The results also show that forex sales, but not forex purchases, react to volatility, indicating asymmetry in the central bank's reactions to episodes of appreciation and depreciation pressures. Similarly, the paper documents evidence of asymmetry in the effectiveness of forex interventions. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2014/217 Full text available on IMF http://elibrary.imf.org/view/journals/001/2014/217/001.2014.issue-217-en.xml IMF e-Library