1. 资源名称：Guidelines for Foreign Exchange Reserve Management

2. 作者：IMF

3. 资源类别：指导性文件、报告

4. 资源大小、格式、页数：2MB   .pdf

包括以下几个文件：

summary       3 pages

Guidelines for Foreign Exchange Reserve Management Part I_Summary of Country Practices (April 2005)31 pages

Guidelines for Foreign Exchange Reserve Management Part II_Country Case Studies (April 2005)158 pages

Guidelines for Foreign Exchange Reserve Management_Accompanying Document and Case Studies Appendixes (April 2005)7 pages

Guidelines for Foreign Exchange Reserve Management (International Monetary Fund, August 2004)26 pages

Executive Summary

1. This document has been developed to accompany the Guidelines for Foreign Exchange Reserve Management that were approved by the Executive Board of the International Monetary Fund in September 2001.

2. The country case studies presented in this document illustrate the range of practices adopted and the evolution that has taken place in the areas of reserve management covered by the Guidelines. In contrast to a decade or two ago, there has been increased focus on efficient management of reserves, more disclosure of information on reserves operations, greater clarity and accountability in the decision-making process, wider use of sophisticated risk management techniques, including use of derivatives and application of more advanced technology for information processing. Table 1 (p. 30) lists country examples of key reserve management practices (in terms) of the areas covered by the Guidelines.
3. Countries hold reserves to support a range of objectives, the most common being the use of reserves as a tool for exchange rate or monetary policy, and for reducing external vulnerability. Even in countries with floating exchange rate regimes, reserves are held as a buffer to manage exchange rate volatility. Another important objective of holding reserves for many countries is to provide confidence to markets.
4. The basic traditional objectives of reserve management, namely, those of security, liquidity,and then return, are apparent across all case studies. However, increasingly the focus is on managing reserves more efficiently in order to maximize returns (or reduce costs) while preserving capital and liquidity. In many cases, this shift in focus is due to an increase in the size of reserves and a change in the approach to intervention, which give reserve management entities greater latitude in structuring the liquidity and duration of the portfolio.
5. Country case studies illustrate a range of strategies being adopted based on the countryspecific policy environment. Some countries manage
reserves funded by sovereign liabilities and adopt an asset-liability management approach. In many countries, however, sovereign foreign currency debt or short-term external debt is one of the factors determining reserve management strategy.
6. Over the last few years, there has been a trend toward greater transparency in disclosing information on reserves and reserve management policy and performance. The degree of transparency, however, varies because some countries consider the disclosure of certain sensitive and confidential information as affecting their flexibility to manage the exchange rate regime or their ability to cope with a crisis.
7. In almost all the case study countries, the central bank plays a major role in managing the reserves, regardless of who formally owns them. The central bank manages the reserves either as a principal or as an agent, where the assets are owned