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

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