{
  "title": "Revised Guidelines for Foreign Exchange Reserve Management",
  "publication": "Policy Papers, February 1, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/revised-guidelines-for-foreign-exchange-reserve-management-pp4749",
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  "summary": "The 2013 revision of the Guidelines was carried out by the IMF staff, supported by a small Working Group of central banks and monetary authorities from China, India, Israel, Italy, Mexico, Japan, Russia, Saudi Arabia, Switzerland, the European Central Bank, and the Bank for International Settlements",
  "sections": [
    {
      "heading": "Revision process and contributors",
      "content": "- The 2013 revision of the Guidelines was carried out by the IMF staff.\n- A small Working Group of central banks and monetary authorities supported the IMF staff. The Working Group included representatives from: China, India, Israel, Italy, Mexico, Japan, Russia, Saudi Arabia, Switzerland, the European Central Bank, and the Bank for International Settlements.\n- The World Bank acted as reviewer in the process.\n- Mr. Franco Passacantando, Managing Director at the Bank of Italy, chaired this Working Group."
    },
    {
      "heading": "Core areas of revision",
      "content": "- Reserve management objectives and strategy\n  - Emphasis on analyzing and managing risks in the context of reserve diversification.\n- Transparency and accountability\n  - Guidance to avoid reserve management decisions being dictated by the prevailing accounting framework.\n- Institutional and organizational framework issues\n  - Focus on avoiding possible inconsistencies between reserve management and other central bank operations.\n- Risk management framework\n  - Include ex-ante assessments of the impact of reserve investments on financial markets.\n  - Build internal credit risk assessment systems to assess counterparty risks."
    },
    {
      "heading": "Publication and access details",
      "content": "- Publication date: February 1, 2013\n- The page offers a Download PDF option.\n- The IMF eLibrary offers over 25,000 IMF publications in multiple formats."
    },
    {
      "heading": "Subject tags and classifications",
      "content": "- Executive Board decisions\n- Financial stability\n- Foreign exchange\n- Lapse of time approval\n- Reserve management policy\n- Risk management\n- Transparency\n\nSource: Revised Guidelines for Foreign Exchange Reserve Management — International Monetary Fund (February 1, 2013); https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/revised-guidelines-for-foreign-exchange-reserve-management-pp4749\n\n---\n\n Content in this bundle\n\n- Revised Guidelines for Foreign Exchange Reserve Management; IMF Policy Paper; February 1, 2013\n  - Revised Guidelines for Foreign Exchange Reserve Management; IMF Policy Paper; February 1, 2013 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Revised Guidelines for Foreign Exchange Reserve Management; IMF Policy Paper; February 1, 2013 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/revised-guidelines-for-foreign-exchange-reserve-management-pp4749"
    }
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    "Published: February 1, 2013",
    "Series: Policy Papers",
    "The 2013 revision of the Guidelines was carried out by the IMF staff.",
    "A small Working Group of central banks and monetary authorities supported the IMF staff. The Working Group included representatives from: China, India, Israel, Italy, Mexico, Japan, Russia, Saudi Arabia, Switzerland, the European Central Bank, and the Bank for International Settlements.",
    "The World Bank acted as reviewer in the process.",
    "Mr. Franco Passacantando, Managing Director at the Bank of Italy, chaired this Working Group.",
    "Reserve management objectives and strategy",
    "Transparency and accountability",
    "Institutional and organizational framework issues",
    "Risk management framework",
    "Publication date: February 1, 2013",
    "The page offers a Download PDF option.",
    "The IMF eLibrary offers over 25,000 IMF publications in multiple formats.",
    "Executive Board decisions",
    "Financial stability",
    "Foreign exchange",
    "Lapse of time approval",
    "Reserve management policy",
    "Risk management",
    "Transparency",
    "**Revised Guidelines for Foreign Exchange Reserve Management; IMF Policy Paper; February 1, 2013**"
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