THE MANAGEMENT OF FOREIGN EXCHANGE RESERVES IN CASE OF THE RESERVE BANK OF AUSTRALIA

V skladu s priporočili IMF-a so torej mednarodne denarne rezerve Eurosistema definirane kot visoko likvidne, trgovalne in kredibilne terjatve, ki jih imajo ECB in nacionalne centralne banke držav, vključene v Eurosistem, do nerezidentov in so denominirane v tujih valutah (to pomeni v katerikoli valuti, razen v evrih). Mednarodne denarne rezerve omogočajo državam, da z njihovim črpanjem financirajo, praviloma kratkotrajno, plačilnobilančne primanjkljaje. Brez lastnih deviznih rezerv centralna banka ne more voditi politike deviznega tečaja in pri večini držav so devizne rezerve centralnih bank po obsegu daleč najpomembnejša oblika mednarodnih denarnih rezerv. Za devizne rezerve je pomembna tudi valutna sestava, s katero pa je povezano valutno tveganje, ki se mu nobena centralna banka ne more popolnoma izogniti, saj nihče ne more napovedati, kaj se bo zgodilo s posameznimi valutami. Smo pa ugotovili, da bo vlogo svetovne rezervne valute v prihodnosti najverjetneje imel dolar ali evro, saj oba veljata za veliki konkurenčni gospodarstvi, ki imata odprt, likviden in dobro razvit finančni sistem. Avstralski dolar kot enotna valuta Avstralije je danes po obsegu peta najbolj priljubljena trgovalna valuta na deviznem trgu, in sicer takoj za ameriškim dolarjem, evrom, japonskim jenom in britanskim funtom. Njena trgovalna moč je zanimiva predvsem zaradi razmeroma visoke obrestne mere v Avstraliji, trajnostne gospodarske rasti ter močne finančne stabilnosti, ki jo RBA, kot centralna banka Avstralije, vodi z restriktivno fiskalno politiko v sodelovanju z ostalimi najpomembnejšimi upravljalnimi agencijami denarne politike tako na domačem kot mednarodnem trgu. Da je RBA vodila še bolj pregledno in aktivno upravljanje z deviznimi rezervami, je v portfelju rezerv uvedla kriterijske indekse, ki so določali sestavo valut in imetij ter likvidnost tega portfelja ohranjala z investicijami v tri glavne svetovne rezervne valute (ameriški dolar, evro, japonski jen).In accordance with IMF references, the international monetary reserves of the Eurosystem are defined as highly liquid, tradable and creditworthy claims that ECB and the national central banks of countries, which are included in the Eurosystem, have towards nonresidents and are denominated in foreign currency (in every other currency except the euro). The international monetary reserves ensure withdraws from countries, with which they finance short-term adverse balance of payments. Without own foreign-exchange reserves the central bank cannot apply foreign-exchange policymoreover, for most countries, the foreign-exchange reserves of central banks are the most important form of the international monetary reserves. For the foreign-exchange reserves a currency composition is important. The currency composition is associated with a currency risk that is unavoidable for any central bank, since it cannot be predicted. We have disclosed that the role of the international reserve currency will probably belong to the dollar or the Euro, due to the great competitive economies, which have open, liquid and well developed financial system. Nowadays the Australian dollar, as a single currency of Australia, is the fifth most popular trade currency on the foreign-exchange market, right after the American dollar, the euro, the Japanese yen and the British pound. Its trade power is interesting due to relatively high interest rate in Australia, the sustainable economic growth and powerful financial stability that is led by RBA, which is a central bank of Australia. It’s led by restrictive fixed policy and in cooperation with other most important managing agencies of monetary policy, which operate in domestic and international markets. To lead even more transparent and active management of foreign-exchange reserves, the RBA has established benchmarks in the reserve portfolio, which had defined currency and asset composition and maintained the liquidity of the portfolio with investments in three main international reserve currencies (the American dollar, the Euro, the Japanese yen)