## Revised Guidelines for Foreign Exchange Reserve Management

_Policy Papers, February 1, 2013_

## Source details

**Canonical URL:** [Revised Guidelines for Foreign Exchange Reserve Management](https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/revised-guidelines-for-foreign-exchange-reserve-management-pp4749)

## Other formats

- [Markdown version](/en/publications/policy-papers/issues/2016/12/31/revised-guidelines-for-foreign-exchange-reserve-management-pp4749/index.md)
- [Structured JSON version](/en/publications/policy-papers/issues/2016/12/31/revised-guidelines-for-foreign-exchange-reserve-management-pp4749/index.json)
- [Bundle manifest](/en/publications/policy-papers/issues/2016/12/31/revised-guidelines-for-foreign-exchange-reserve-management-pp4749/bundle-manifest.json)

## Bibliographic details
- Published: February 1, 2013
- Series: Policy Papers

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### Revision process and contributors
- 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.

### Core areas of revision
- Reserve management objectives and strategy
  - Emphasis on analyzing and managing risks in the context of reserve diversification.
- Transparency and accountability
  - Guidance to avoid reserve management decisions being dictated by the prevailing accounting framework.
- Institutional and organizational framework issues
  - Focus on avoiding possible inconsistencies between reserve management and other central bank operations.
- Risk management framework
  - Include ex-ante assessments of the impact of reserve investments on financial markets.
  - Build internal credit risk assessment systems to assess counterparty risks.

### Publication and access details
- Publication date: February 1, 2013
- The page offers a Download PDF option.
- The IMF eLibrary offers over 25,000 IMF publications in multiple formats.

### Subject tags and classifications
- Executive Board decisions
- Financial stability
- Foreign exchange
- Lapse of time approval
- Reserve management policy
- Risk management
- Transparency

*Source: 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*

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## Content in this bundle

- **Revised Guidelines for Foreign Exchange Reserve Management; IMF Policy Paper; February 1, 2013**
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_Source: https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/revised-guidelines-for-foreign-exchange-reserve-management-pp4749_