Fourth Session: Negative Euro Area Interest Rates and Reserve Management (Continued)
Author:
Roberto de Beaufort Camargo
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Language:
English
Keywords:
SEM; interest rate; euro; central bank; rate; bank; interest rate differential; interest rate environment; ECB monetary policy; FX reserve; risk-taking channel; Currencies; Negative interest rates; Financial sector stability; Exchange rates; Central bank policy rate; Global; Europe; Western Europe; Eastern Europe; Baltics; ECB monetary policy implementation framework
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Abstract

When we were discussing about the outline of the presentation on reserve management from the perspective of the central bank, we thought that it would have been more appropriate to focus on the trade-off between the objective of the stability of the country from one side and the challenge of the returns from the reserves portfolio, on the other side. The returns are considered necessary to ensure the central bank’s independence from the Ministry of Finance, in terms of having enough revenues to cover the bank’s expenses. With this concept in mind, we finalized the outline of the presentation as it follows: firstly, we give a general framework of the reserve management; afterwards, we present the tranching structure, the currency composition, the risk exposure, our future plans, and some conclusions that we derive from our recent experience in the management of the reserves portfolio.

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Cover Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments
Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments
Author:
International Monetary Fund
ISBN:
9789928445391
Publication Date:
04 May 2017
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9789928445391.072
Pages:
344
Figure 1.

Reserve management objectives
Figure 2.

Bank of Albania foreign exchange reserves’ stocks
Figure 3

Where is the market?
Figure 4

Reserve tranching
Figure 5.

Changes in the tranching structure
Figure 6.

Trend in currency composition
Figure 7
Figure 1.

FX Reserves management. Global trends (1)
Figure 2.

FX Reserves management. Global trends (2)
Figure 3.

FX Reserves management. Macedonia (1)
Figure 4.

FX reserves management. Macedonia (2)
Figure 5.

FX reserves management. Macedonia (3)
Figure 6.

FX reserves management. Macedonia (4)
Figure 7.

FX reserves management. Macedonia (5)
Figure 8.

FX reserves management. Macedonia (6)
Figure 9.

FX reserves management. Macedonia (7)
Figure 10.

FX reserves management. Macedonia (8)
Figure 11.

FX reserves management Macedonia (9)
Figure 12.

FX reserves management. Macedonia (10)
Figure 13.

FX Reserves management. Macedonia (11)
Figure 14.

FX reserves management. Macedonia (12)
Figure 15.

FX Reserves management. Macedonia (13)
Figure 16.

The challenges ahead