OANDA usa cookies para tornar nossos sites fáceis de usar e personalizados para nossos visitantes. Os cookies não podem ser usados para identificá-lo pessoalmente. Ao visitar o nosso site, você aceita o uso de cookies da OANDA8217 de acordo com nossa Política de Privacidade. Para bloquear, excluir ou gerenciar cookies, visite aboutcookies. org. A restrição dos cookies impedirá que você se beneficie de algumas das funcionalidades do nosso site. Faça o download de nossa conta Mobile Select Apps: Dólar do Zimbábue O Dólar do Zimbábue foi a moeda oficial do Zimbábue de 1980 a 12 de abril de 2009. Durante esse período, a moeda sofreu três redominações maciças para lidar com denominações de papel de alto valor nominal provocadas pela hiperinflação. Em um ponto, uma nota de 100 billões de dólares foi impressa. As exportações de minerais e o turismo são os principais ganhadores de moeda estrangeira do Zimbabwe. O país tem algumas das maiores reservas de platina do mundo, e os campos de diamantes Marange, descobertos em 2006, são considerados a maior descoberta de diamantes em mais de um século. A agricultura era uma fonte tradicional de exportações e câmbio e provedor de 400 mil empregos. No entanto, o programa de reforma agrária dos governos ZANU-PF, caracterizado por caos, violência e corrupção, destruiu o setor agrícola comercial. O Zimbabwe é agora um importador líquido de produtos alimentares. O envolvimento do Zimbabwe8217 na guerra na República Democrática do Congo de 1998 a 2002 drenou centenas de milhões de dólares de seus cofres. O Banco de Reserva do Zimbabwe rotineiramente imprimiu dinheiro para financiar seu déficit orçamentário, causando hiperinflação. Em um ponto, uma nota de 100 billões de dólares foi impressa. Foram necessárias três redenominações para reduzir as denominações de papel de alto valor nominal. Em janeiro de 2009, o Reserve Bank of Zimbabwe legalizou o uso de moedas estrangeiras para transações. O fim do Dólar do Zimbábue restaurou a estabilidade dos preços, mas o governo ainda enfrenta problemas econômicos, incluindo infra-estrutura e deficiências regulatórias, incertezas políticas, grande carga de dívida externa e desemprego. Após uma década de contração de 1998 a 2008, a economia de Zimbábue registrou um crescimento real de 6 em 2011. O Dólar do Zimbábue (ZWD) substituiu o dólar de Rodesia por par em 1980. A turbulência política ea hiperinflação na década de 1990 rapidamente corroeram o valor do Dólar do Zimbábue , Exigindo três redenominações para reduzir as denominações de papel de alto valor nominal. Em 2006, Z 1000 ZWD foi redenominado para um 8220segundo8221 Dólar (ZWN). Hiperinflação estabelecida, atingindo 10-20,000 por mês no final de 2007. Em 2008, Z 10 bilhões ZWN foram redigidos para um 8220third8221 Dollar (ZWR). Em 2009, mais 12 zeros foram retirados: Z 1,000,000,000,000 ZWR foi redenominado para um 8220fourth8221 Dollar (ZWL). As moedas estrangeiras tornaram-se moedas de fato em 2008, quando vários varejistas foram licenciados para aceitar dinheiro estrangeiro. O dólar zimbabuense foi abandonado como uma moeda oficial em 12 de abril de 2009, depois que o Banco de Reserva do Zimbábue legalizou o uso de moedas estrangeiras para todas as transações. O governo do Zimbábue insistiu em que outra moeda do Zimbábue só será reintroduzida após a produção industrial melhorar. Symbols and NamesOANDA usa cookies para tornar nossos sites fáceis de usar e personalizados para nossos visitantes. Os cookies não podem ser usados para identificá-lo pessoalmente. Ao visitar o nosso site, você aceita o uso de cookies da OANDA8217 de acordo com nossa Política de Privacidade. Para bloquear, excluir ou gerenciar cookies, visite aboutcookies. org. A restrição dos cookies impedirá que você se beneficie de algumas das funcionalidades do nosso site. Faça o download de nossa conta de aplicativos para dispositivos móveis: Kwacha do Malawi O Kwacha é a moeda oficial no Malawi desde 1970. O Kwacha foi adotado com base no Kwacha da Zâmbia. Que foi usado na Zâmbia desde 1968. O nome kwacha foi derivado da palavra Bemba que significa amanhecer, refletindo o lema nacional da Zâmbia: New Dawn of Freedom. O kwacha do Malawi é subdividido em 100 tambala. O Malawi é considerado um dos países menos desenvolvidos do mundo e teve crescimento econômico instável. A economia do Malawis é principalmente agrícola, com quase 90 da sua população vivendo em áreas rurais. A agricultura representa cerca de 40 do PIB e 88 das receitas de exportação. A economia baseia-se no apoio econômico extensivo do Banco Mundial, do FMI e das nações vizinhas. O governo teve muitos desafios difíceis, incluindo o desenvolvimento de uma economia de mercado, problemas econômicos, melhorias educacionais e a disseminação exponencial da AIDS. Em 1971, o Kwacha do Malawi substituiu a Libra do Malawi a uma taxa fixa de dois Kwacha uma libra. E a partir de 4 de julho de 2010, uma libra britânica 227.681 Kwacha, enquanto um dólar americano de 149,8 Kwacha e um sul-africano 19,4475 Kwacha. Em 9 de maio de 2011, um Libra britânica 257.7172 Kwacha, um dólar americano 152.2933 Kwacha e um Rand sul-africano 23.7740 Kwacha. Símbolos e nomes Tambala 1100 de um Kwacha Bills: 5, 10, 20, 50, 100, 200, 500 kwacha Moedas: 1, 2, 5, 10, 20, 50 tambala. 1, 5, 10 kwacha. As Diretrizes para o Gerenciamento de Reserva de Câmbio foram desenvolvidas como parte de um programa de trabalho mais amplo realizado pelo Fundo para ajudar a fortalecer a arquitetura financeira internacional, promover políticas e práticas que contribuam para a estabilidade e transparência no setor financeiro e Para reduzir as vulnerabilidades externas dos países membros. As diretrizes são paralelas às da Gestão da Dívida Pública que foram desenvolvidas pelo Fundo e pelo Banco Mundial e lançadas em março de 2001. Ao desenvolver as diretrizes, o pessoal do Fundo trabalhou em estreita colaboração com entidades de gerenciamento de reservas de um amplo grupo de países membros e instituições internacionais em Um processo abrangente de divulgação. O processo de divulgação incluiu reuniões regionais em Abu Dhabi, Basileia, Gaborone, Cidade do México, Cingapura e Washington DC para discutir versões anteriores das diretrizes. A visão dos profissionais de que este processo trouxe as diretrizes permitiu a enunciação de princípios amplamente aplicáveis, bem como fundamentos institucionais e operacionais que tenham relevância para membros com uma ampla gama de estruturas institucionais em diferentes estágios de desenvolvimento. A equipe reconhece e aprecia muito os esforços de todos os que contribuíram para a conclusão bem-sucedida deste projeto. I. O que é o gerenciamento de reservas e por que é importante 1. O gerenciamento de reservas é um processo que garante que os ativos estrangeiros oficiais do setor público sejam prontamente disponíveis e controlados pelas autoridades para atender a uma gama definida de objetivos para um país ou sindicato. 1 Neste contexto, uma entidade de gestão de reservas é normalmente responsável pela gestão de reservas e riscos associados. 2 Normalmente, as reservas de divisas oficiais são realizadas em apoio de uma série de objetivos 3, incluindo: apoiar e manter a confiança nas políticas de gestão monetária e cambial, incluindo a capacidade de intervir em apoio da vulnerabilidade externa do limite monetário nacional ou sindical por Mantendo a liquidez em moeda estrangeira para absorver choques em tempos de crise ou quando o acesso ao empréstimo é reduzido e, ao fazê-lo, fornece um nível de confiança aos mercados que um país pode cumprir com suas obrigações externas demonstram o apoio da moeda doméstica por ativos externos auxilia o governo em Atendendo às suas necessidades de câmbio e obrigações de dívida externa e mantendo uma reserva para desastres ou emergências nacionais. 2. As práticas de gerenciamento de reserva de som são importantes, pois podem aumentar a capacidade de resiliência global de países ou regiões para choques. Através da sua interação com os mercados financeiros, os gerentes de reserva obtêm acesso a informações valiosas que mantêm os decisores políticos informados sobre os desenvolvimentos do mercado e opiniões sobre potenciais ameaças. A importância das práticas sólidas também foi destacada por experiências em que as práticas de gestão de reservas fracas ou arriscadas restringiram a capacidade das autoridades para responder efetivamente às crises financeiras, o que pode ter acentuado a gravidade dessas crises. Além disso, práticas de gestão de reservas fracas ou arriscadas também podem ter custos financeiros e de reputação significativos. Vários países, por exemplo, sofreram grandes perdas que tiveram conseqüências fiscais diretas ou indiretas. 4 Por conseguinte, as políticas adequadas de gestão de carteira relativas à composição da moeda, à escolha dos instrumentos de investimento e à duração aceitável da carteira de reservas e que refletem uma configuração e circunstâncias específicas da política do país servem para garantir que os ativos sejam salvaguardados, prontamente disponíveis e apoiem a confiança do mercado . 3. Políticas e práticas de gerenciamento de reserva de som podem suportar, mas não substituir, gerenciamento macroeconômico sólido. Além disso, políticas econômicas inadequadas (fiscal, monetária e cambial e financeira) podem representar sérios riscos para a capacidade de administrar as reservas. II. Objetivo das Diretrizes 4. As diretrizes apresentadas neste artigo têm como objetivo ajudar os governos a fortalecer seus quadros de políticas para o gerenciamento de reservas, de modo a ajudar a aumentar a resiliência do país aos choques originários dos mercados financeiros mundiais ou dentro do sistema financeiro doméstico. O objetivo é ajudar as autoridades a articular objetivos e princípios adequados para o gerenciamento de reservas e criar bases institucionais e operacionais adequadas para boas práticas de gerenciamento de reservas. 5. As diretrizes identificam áreas de amplo acordo entre profissionais sobre princípios e práticas de gerenciamento de reservas que são aplicáveis a uma ampla gama de países em diferentes estágios de desenvolvimento e com várias estruturas institucionais para gerenciamento de reservas. Ao fazê-lo, as diretrizes servem para divulgar práticas mais sólidas, reconhecendo que não existe um conjunto único de práticas de gerenciamento de reservas ou arranjos institucionais que seja o melhor para todos os países ou situações. A este respeito, eles devem ser considerados não obrigatórios e não devem ser vistos como um conjunto de princípios vinculativos. 6. No seu uso, as diretrizes destinam-se principalmente a uma aplicação voluntária pelos membros no fortalecimento de suas políticas e práticas. Eles também podem desempenhar um papel útil no contexto da assistência técnica e, como justificado, como base para a discussão informada entre as autoridades e o Fundo sobre questões e práticas de gestão de reservas. 7. Embora os arranjos institucionais e os ambientes das políticas gerais possam diferir, os levantamentos de práticas reais indicam que há uma convergência crescente em relação ao que são consideradas práticas sólidas de gerenciamento de reservas que, em conjunto, constituem um amplo quadro para o gerenciamento de reservas. No contexto deste artigo, essas práticas são refletidas em diretrizes que englobam: (i) objetivos claros para a gestão das reservas (ii) um quadro de transparência que garanta a responsabilidade e a clareza das atividades e resultados de gerenciamento de reservas (iii) Estruturas de governança (iv) gestão prudente de riscos e (v) condução de operações de gestão de reservas em mercados eficientes e sólidos. III. As Diretrizes 1. O Gerenciamento da Reserva de Gerenciamento de Reserva, Escopo e Coordenação deve procurar assegurar que: (i) 160 reservas de câmbio adequadas estão disponíveis para atender a uma gama definida de objetivos (ii) os riscos de liquidez, mercado e crédito são controlados em um De forma prudente e (iii) sujeito a liquidez e outras restrições de risco, ganhos razoáveis são gerados a médio e longo prazos nos fundos investidos. As reservas consistem em ativos estrangeiros do setor público oficial que estão prontamente disponíveis e controlados pelas autoridades monetárias. As atividades de gerenciamento de reservas também podem abranger a gestão de passivos, outras posições cambiais curtas e o uso de instrumentos financeiros derivativos. 1.3 Estratégia de gestão de reserva e coordenação As estratégias de gestão de reserva devem ser consistentes e favoráveis a um ambiente de políticas específicas de países ou sindicatos, em particular seus acordos monetários e cambiais. A avaliação das estratégias alternativas de gestão de reservas e suas respectivas implicações para a adequação das reservas provavelmente serão facilitadas por uma análise custo-benefício das reservas de reserva. As estratégias de gestão de reservas também podem ter em conta estratégias para a gestão da dívida externa para fins de redução da vulnerabilidade externa. 2. Transparência e Responsabilidade 2.1 Claridade de papéis, responsabilidades e objetivos das agências financeiras responsáveis pela gestão de reservas. A alocação de responsabilidades de gerenciamento de reserva, incluindo acordos de agência, entre o governo, a entidade de gerenciamento de reservas e outras agências deve ser divulgada e explicada publicamente. Os objetivos gerais da gestão de reservas devem ser claramente definidos, divulgados publicamente, e os principais elementos da política adotada explicaram. 2.2 Processo aberto para operações de mercado de gerenciamento de reservas Os princípios gerais que regem a gestão de reservas entende relações com contrapartes devem ser divulgados publicamente. 2.3 Disponibilidade pública de informações sobre reservas cambiais As informações sobre reservas cambiais oficiais devem ser divulgadas publicamente em um cronograma pré-anunciado. 2.4 Responsabilidade e garantias de integridade pelas agências responsáveis pela gestão de reservas A condução das atividades de gestão de reservas deve ser incluída na auditoria anual da administração da reserva que contém as demonstrações financeiras. Os auditores externos independentes devem realizar a auditoria e sua opinião sobre as demonstrações financeiras deve ser divulgada publicamente. Os princípios gerais de governança interna utilizados para assegurar a integridade da gestão de reservas para as operações devem ser divulgados publicamente. 3. Enquadramento institucional 3.1 Fundamento jurídico Os arranjos institucionais e de governança sólidos devem ser estabelecidos por meio de um quadro legislativo que estabeleça claramente a gestão da reserva com responsabilidades e autoridade. 3.2 Governança interna A estrutura de governança interna da entidade de gerenciamento de reservas deve ser orientada e refletida pelos princípios de alocação clara e separação de responsabilidades. A boa gestão das operações internas e dos riscos requer uma equipe adequadamente qualificada e bem treinada, seguindo práticas comerciais sólidas. O monitoramento efetivo das operações internas e dos riscos relacionados deve ser suportado por sistemas de informação e relatórios confiáveis e por uma função de auditoria independente. Os funcionários envolvidos na gestão de reservas devem estar sujeitos a um código de conduta e a diretrizes de conflitos de interesse em relação à gestão de seus assuntos pessoais. Procedimentos de recuperação eficazes devem ser implementados para mitigar o risco de que as atividades de gerenciamento de reserva possam ser gravemente prejudicadas pela falha de sistemas operacionais ou por outros eventos catastróficos. 4. Estrutura de gerenciamento de risco Deve haver uma estrutura que identifique e avalie os riscos das operações de gerenciamento de reservas e que permita o gerenciamento de riscos dentro de parâmetros e níveis aceitáveis. O quadro de gerenciamento de riscos deve aplicar os mesmos princípios e medidas aos fundos gerenciados externamente, como acontece com aqueles gerenciados internamente. As exposições ao risco devem ser monitoradas continuamente para determinar se as exposições foram estendidas para além dos limites aceitáveis. Os gerentes de reserva devem estar cientes e ser capazes de contabilizar possíveis perdas financeiras e outras conseqüências das exposições de risco que estão dispostas a aceitar. A estrutura de gerenciamento de riscos também deve abordar os riscos associados aos instrumentos financeiros derivativos e outras operações em moeda estrangeira. Para avaliar o risco e a vulnerabilidade do portfólio de reserva, a entidade de gerenciamento de reservas deve realizar regularmente testes de estresse para verificar os efeitos potenciais das variáveis ou choques macroeconômicos e financeiros. 5. O papel da gestão da Reserva de Mercados Eficazes e quaisquer operações de política relacionadas, devem ser conduzidos em mercados com profundidade e liquidez suficientes e podem processar transações de maneira eficiente e eficiente. IV. Discussão das Diretrizes 1. Objetivos, escopo e coordenação da administração de reserva 8. O gerenciamento de reserva deve procurar assegurar que: (i) 160 reservas de câmbio adequadas estão disponíveis para atender a uma gama definida de objetivos (ii) riscos de liquidez, mercado e crédito São controlados de forma prudente e (iii) sujeitos a liquidez e outras restrições de risco, ganhos razoáveis são gerados a médio e longo prazos nos fundos investidos. O gerenciamento de reservas faz parte das políticas econômicas oficiais, e circunstâncias específicas terão impacto nas escolhas quanto à adequação da reserva e aos objetivos de gerenciamento de reservas. A fim de garantir a disponibilidade de reservas e, como parte da definição de prioridades de investimento apropriadas, o gerente de reserva precisa ter uma avaliação do que constitui um nível adequado de reservas. Essa avaliação pode ser feita pela entidade de gestão de reservas, ou pode envolver uma consulta entre a entidade de gestão de reservas e outras agências. Não há medidas universalmente aplicáveis para avaliar a adequação das reservas e a determinação da adequação da reserva está além do alcance dessas diretrizes. Fatores relevantes tradicionalmente incluíram acordos de câmbio monetário e cambial do país, e tamanho, natureza e variabilidade de sua balança de pagamentos e posição externa. Mais recentemente, os riscos financeiros associados a uma posição de dívida externa do país e a volatilidade de seus fluxos de capital receberam atenção especial, especialmente para economias com acesso significativo, mas não totalmente certo, aos mercados internacionais. No processo, garantir a disponibilidade de reservas será influenciada pelo sistema cambial e pelos objetivos específicos para os quais eles são mantidos. 5 9. Para garantir que as reservas estejam disponíveis nos momentos em que elas são mais necessárias, a liquidez - que é a capacidade de converter rapidamente ativos de reserva em divisas - geralmente recebe a maior prioridade, embora com um custo que normalmente envolve a aceitação de investimentos de menor rendimento Instrumentos. Seguir de perto é a necessidade de gerenciamento e controle de riscos para garantir que os valores dos ativos sejam protegidos. Os riscos de mercado e de crédito, por exemplo, podem levar a perdas súbitas e prejudicar a liquidez. Finalmente, os ganhos são um resultado importante da gestão dos ativos de reserva. Para alguns países, eles desempenham um papel na compensação dos custos associados a outras políticas do banco central e operações monetárias domésticas, que, entre outras coisas, financiam a aquisição de reservas. Em outros casos, como onde as reservas são emprestadas em mercados estrangeiros, os ganhos desempenham um papel importante na minimização dos custos de manutenção dos ativos de reserva. Conseqüentemente, alcançar um nível aceitável de ganhos deve ser uma prioridade dentro de liquidez e restrições de risco claramente definidas. 10. Em suma, a entidade de gestão de reservas deve procurar maximizar o valor das reservas, dentro dos limites prudentes de risco que formam o quadro de gerenciamento de reservas, de modo que as reservas estejam sempre disponíveis quando forem necessárias. Como conseqüência, as carteiras de ativos de reserva tendem a ser altamente avessas ao risco, com a conseqüente prioridade de liquidez e segurança antes do lucro, ou considerando considerações de custo. Isso envolve necessariamente a troca de risco e retorno no contexto da definição de prioridades de gerenciamento de reservas. 11. As reservas consistem em ativos estrangeiros públicos do setor público que estão prontamente disponíveis e controlados pelas autoridades monetárias. As carteiras de ativos de reserva geralmente possuem características especiais que os distinguem de outros ativos em moeda estrangeira. Em primeiro lugar, os ativos de reserva oficiais normalmente consistem em ativos em moeda estrangeira líquidos ou facilmente negociáveis que estão sob o controle efetivo e prontamente disponíveis para a entidade de gerenciamento de reservas. 6 Além disso, para ser líquido e livremente utilizável para liquidações de transações internacionais, eles precisam ser mantidos sob a forma de reivindicações conversíveis em moeda estrangeira das autoridades em não residentes. 7 12. As atividades de administração de reserva também podem abranger a gestão de passivos, outras posições cambiais curtas e o uso de instrumentos financeiros derivativos. Dependendo de objetivos e configurações de políticas específicas de um país ou sindicatos, a entidade de gerenciamento de reservas também pode estar envolvida no empréstimo de divisas ou contra taxas de crédito comprometidas, como parte de sua responsabilidade de manter um nível adequado de reservas. As reservas de gerenciamento também podem envolver posições de responsabilidade derivadas de acordos de recompra, contratos de troca e swap, bem como posições decorrentes de operações envolvendo futuros e opções. No último caso, muitos países utilizam agora instrumentos financeiros derivativos como parte integrante das operações de gestão de reservas para estabelecer coberturas contra exposições cambiais e de taxa de juros. 8 1.3 Estratégia e coordenação de gestão de reservas 13. As estratégias de gestão de reservas devem ser consistentes e favoráveis a um ambiente de políticas específicas de países ou sindicatos, em particular seus acordos monetários e cambiais. As estratégias de gerenciamento de reservas serão moldadas pelas razões específicas pelas quais as reservas são mantidas. No contexto das disposições monetárias e cambiais, o regime cambial e o grau de liberalização dos controlos cambiais e de capital são de particular relevância. 14. Sob um free float, um compromisso público das autoridades de não operar no mercado de câmbio dá ao administrador da reserva uma maior latitude na estruturação da duração e liquidez do portfólio. Na prática, no entanto, as autoridades podem procurar manter a capacidade de assegurar mercados ordenados em momentos de ajustamentos muito bruscos da taxa de câmbio ou das pressões do mercado ou, em geral, para contrariar choques imprevistos internos ou externos. 15. Em países com taxas de câmbio fixas, inclusive aquelas que operam em câmbio, as autoridades podem precisar operar frequentemente no mercado cambial e, portanto, precisarão de reservas que possam ser facilmente convertidas em câmbio. 9 Especialmente nestes casos, são necessárias reservas para proporcionar confiança na divisão da moeda e impedir a especulação. Para esses propósitos, as reservas tendem a ser investidas de uma forma que facilite sua disponibilidade pronta. 16. Os regimes intermediários de taxa de câmbio, como o flutuador gerenciado ou as disposições de peg, 10 exigem que as autoridades operem em apoio do acordo. Isso pode exigir operações mais ou menos ativas, dependendo da evolução do mercado e condições com conseqüências para a escolha do nível apropriado de liquidez que seria necessário manter. 17. A avaliação das estratégias alternativas de gestão de reservas e suas respectivas implicações para a adequação das reservas provavelmente serão facilitadas por uma análise custo-benefício das reservas de reserva. Essa análise objetivaria colocar valores sobre os custos e os benefícios de deter mais ou menos reservas, por exemplo, pesando os custos de arrecadar e manter reservas adicionais contra os benefícios esperados de fluxos de capital menos voláteis, aumento da confiança dos investidores estrangeiros e risco reduzido de contágio. 18. As estratégias de gestão da reserva também podem ter em conta as estratégias de gestão da dívida externa para fins de redução da vulnerabilidade externa. Políticas consistentes e de apoio mútuo para gerenciamento de dívidas e reservas podem ser elementos importantes da prevenção de crises. No nível do setor público, isso pode envolver uma abordagem coordenada que considere os ativos e passivos de várias instituições oficiais, incluindo, quando relevante, cargos de autoridades subnacionais. O objetivo, nessas circunstâncias, é determinar se um contingente oficial do país do balanço do governo tem um nível adequado de reservas para fornecer liquidez conforme necessário e permitir tempo para absorver choques em situações em que o acesso ao empréstimo é reduzido ou muito caro. Em algumas economias, a dívida privada externa de curto prazo também pode ser um fator adicional na determinação da adequação das reservas. 19. Nos países onde a gestão de reservas e as responsabilidades de gestão da dívida são confiadas à mesma autoridade, estratégias consistentes podem ser alcançadas através de uma abordagem bem coordenada de gerenciamento de risco de ativos. Quando a gestão da reserva e as responsabilidades de gestão da dívida são divididas entre as autoridades, no entanto, os respectivos objetivos políticos podem ser diferentes. Em situações em que, por exemplo, a entidade de gestão de reserva é a principal responsável pela política monetária, deve-se ter cuidado para garantir que os esforços de coordenação não sejam vistos como comprometer a separação entre a política monetária e a gestão da dívida. Em tais situações, a coordenação também pode garantir que as ações respectivas das autoridades enviem sinais claros e evitem mensagens contraditórias. 11 2. Transparência e Responsabilidade 20. As principais questões de transparência no contexto da boa governança e da responsabilização na gestão de reservas são abordadas no Código de Boas Práticas do FMI sobre Transparência nas Políticas Monetárias e Financeiras: Declaração de Princípios, setembro de 1999 (Transparência da MFP Código) e ilustrado no Documento de Apoio ao Código. O Código de Transparência da MFP visa promover práticas de transparência para os bancos centrais na condução da política monetária e para os bancos centrais e outras agências financeiras na sua condução das políticas financeiras (Caixa 1). Ao fazê-lo, contém vários elementos de boas práticas de transparência relacionadas a políticas de câmbio, gerenciamento de reservas e operações de mercado de câmbio relacionadas. Além de identificar uma série de divulgações gerais sobre políticas de câmbio e responsabilidades institucionais para a gestão de reservas, o Código de Transparência da MFP visa promover a transparência através da prestação de contas. As subseções deste capítulo seguem os respectivos títulos do Código relacionados à gestão de reservas. Deve notar-se que, dentro das seções específicas dessas diretrizes, as referências ao nível de divulgação por uma entidade de gerenciamento de reservas refletem os níveis implícitos na seção relevante do Código de transparência da MFP e, quando aplicável, outras normas relevantes. Caixa 1. Divulgações das Reservas Externas de acordo com os Padrões e Código do Fundo Código de Boas Práticas sobre Transparência nas Políticas Monetárias e Financeiras O Código de Transparência da MFP, adotado pelo Comitê Provisório em setembro de 1999, exige divulgação pública específica que abranja: (i) a instituição responsável Política de divisas, parágrafo 1.1.4 (ii) as responsabilidades do banco central, se houver, para as reservas cambiais, parágrafo 1.3.1 (iii) regras e procedimentos para as relações dos bancos centrais com as contrapartes nos mercados onde opera, parágrafo 2.1.2, bem como regulamentos para a operação de mercados financeiros organizados (incluindo aqueles para emissores de instrumentos financeiros negociados), parágrafo 6.1.3 (iv) 160informações sobre os ativos de reserva de câmbio do país, passivos e compromissos pelas autoridades monetárias, De acordo com um cronograma pré-anunciado, parágrafo1603.2.4 e (v) liberação do balanço do banco central em um cronograma pré-anunciado, um E informações selecionadas sobre suas transações de mercado, parágrafo 3.2. Mais detalhes sobre os requisitos específicos de divulgação relativos às reservas estrangeiras também podem ser encontrados na Seção 1.3.1 do Documento de Apoio. Outros requisitos de divulgação mais gerais que incorporariam informações sobre gerenciamento de reservas incluem: (i) liberação de balanços resumidos do banco central em um cronograma freqüente e pré-anunciado (ii) 160preparação de balanços detalhados do banco central de acordo com contabilidade apropriada e documentada publicamente Padrões, parágrafo 3.2.1 (iii) divulgação pública de demonstrações financeiras em um cronograma pré-anunciado, parágrafo 4.2, e que foram auditadas por um auditor independente, parágrafo 4.2.1 e (iv) procedimentos de governança interna necessários para garantir a integridade de Operações, incluindo acordos de auditoria interna, parágrafo 4.2. Padrão Especial de Divulgação de Dados O Padrão Especial de Divulgação de Dados (SDDS) foi estabelecido em 1996 para orientar os países membros do FMI que têm, ou que podem procurar, acesso aos mercados de capitais internacionais no fornecimento de seus dados econômicos e financeiros ao público. A assinatura do SDDS é voluntária, mas tem um compromisso por parte de um membro subscrito de observar o padrão, incluindo o modelo de dados de reservas, conforme aprovado pela Diretoria Executiva do FMI em março de 1603, 1999. O modelo de dados de reservas destina-se a fornecer informações sobre o valor E composição de ativos de reserva, outros ativos em moeda estrangeira detidos pelo banco central e do governo, passivos externos de curto prazo e atividades relacionadas que podem levar à demanda em reservas (como posições de derivativos financeiros e garantias concedidas pelo governo para empréstimos privados ). O modelo consiste em quatro seções: (i) reservas oficiais e outros ativos em moeda estrangeira (ii) 160 vazamentos de curto prazo determinados em ativos em moeda estrangeira (iii) depósitos líquidos contingentes de curto prazo em ativos em moeda estrangeira e (iv) itens de memorando. A divulgação das 55 categorias de dados incluídas no modelo é obrigatória para assinantes do SDDS. 2.1 Claridade de papéis, responsabilidades e objetivos das agências financeiras responsáveis pela gestão de reservas. 21. A alocação de responsabilidades de gerenciamento de reserva, incluindo acordos de agência, entre o governo, a entidade de gerenciamento de reservas e outras agências deve ser divulgada publicamente e explicada. 12 Uma entidade de gerenciamento de reserva pode desempenhar suas funções de várias maneiras, atuando, por exemplo, como principal ou na capacidade de uma agência. Em cada caso, é importante, portanto, que a propriedade das reservas seja claramente estabelecida. A variação das responsabilidades institucionais para a política cambial também pode ter implicações para as responsabilidades de gerenciamento de reservas. Por conseguinte, as responsabilidades institucionais específicas para política cambial e gestão de reservas também devem ser divulgadas. Essas divulgações ajudam os mercados financeiros e o público em geral a entender como as decisões de política cambial são tomadas, seu impacto nos objetivos de gerenciamento de reservas e o quadro de responsabilização para decisões e resultados de gerenciamento de reservas. 22. Onde a entidade de gestão de reservas atua como agente dos governos no desempenho das funções de gestão de reserva, seu papel e poderes também devem ser claramente definidos, como na legislação habilitadora, além de serem divulgados e explicados publicamente. 13 Definindo claramente que o papel e os poderes da agência de eleitores evitam a confusão sobre quem tem a responsabilidade final de estabelecer e implementar a política de gestão de reservas. Public disclosure enables the public to understand the extent of the reserve management entitys responsibilities and to hold the reserve management entity and government accountable for their respective responsibilities and actions. 23. The broad objectives of reserve management should be clearly defined, publicly disclosed, and the key elements of the adopted policy explained. 14 Public disclosure enhances the credibility of reserve management policies, goals, and results and is usually contained in the annual reports of reserve management entities. Information provided concerning, for example, the currency composition of benchmarks or the classes of assets would generally be couched in broad terms rather than by the provision of specific details of underlying assets and operations, which in some circumstances could be destabilizing. Some reserve management entities also include in their annual reports, and in broad terms, information relating to investment performance relative to the benchmarks adopted. Specific disclosure practices vary and may depend on country circumstances, including the stage of market development. Nonetheless, disclosure practices should strive to be consistent with the intent of the MFP transparency code. 2.2 Open process for reserve management market operations 24. The general principles governing the reserve management entitys relationships with counterparties should be publicly disclosed. 15 Disclosure, in this context, serves to assure the public that reserve management dealings are based on objective criteria and are fair and impartial. Examples of particular disclosures could include the criteria used to determine eligible market counterparties, that reserve management dealings are undertaken at market-determined prices, and that market participants observe recognized codes of conduct. Confidentiality considerations are important, however, and public disclosure should not extend to operational details that may weaken the reserve management entitys ability to operate effectively in markets. Public disclosure would also not extend to providing specific details concerning relationships with individual counterparties. 2.3 Public availability of information on foreign exchange reserves 25. Information on official foreign exchange reserves should be publicly disclosed on a pre-announced schedule . 16 Public disclosure of a countrys international reserve position and foreign exchange liquidity on a timely and accurate basis helps promote informed decision making in the public and private sectors, in both domestic and global financial markets. Experience also suggests that timely disclosure of such information may allow for a more gradual market adjustment. 26. The Funds Special Data Dissemination Standards (SDDS), and its associated data template on international reserves and foreign currency liquidity (the data template), provide a comprehensive benchmark standard for the content and timing of public disclosures on foreign reserves and other activities of potential relevance (Box 1). The data template integrates balance sheet and off-balance sheet data of the international financial activities of the countrys authorities, 17 and aims to provide a comprehensive account of foreign currency assets and drains on such resources arising from various foreign currency liabilities and commitments. The data template is also used as the basis for the reporting of data to the Fund for purposes of monitoring a Fund program. 18 27. In many countries, public disclosure of information on foreign exchange reserves is also made through periodic releases, such as statistical releases on international liquidity and summary balance sheets, as well as in the annual reports of reserve management entities. Such disclosures are generally timed so that their release would not interfere with market operations, or that changes to reserve management strategies or priorities would not be publicized ahead of their implementation. 2.4 Accountability and assurances of integrity by agencies responsible for reserve management 28. The conduct of reserve management activities should be included in the annual audit of the reserve management entitys financial statements. Independent external auditors should conduct the audit and their opinion on the financial statements be publicly disclosed. 19 External audits, when performed in accordance with internationally recognized auditing standards, provide an independent opinion on the truth and fairness of disclosures contained in the financial statements, and accordingly, the underlying financial records in respect of reserve management activities and results. An independent external audit of the annual financial statements of the reserve management entity would normally include an examination of the accounting records and controls associated with reserve management activities and also check for consistency between disclosures contained within the financial statements, and those elsewhere in the Annual Report. Publication of the audit opinion along with the financial statements should also be an integral part of the accountability framework. 29. Achieving a true and fair opinion requires that the financial information and other disclosures contained in the financial statements adhere to internationally recognized accounting standards, such as International Accounting Standards (IAS). 20 The adoption of high quality accounting standards is an essential element in facilitating market understanding of the role and risks of a reserve management entity, and that its financial position and performance have been measured on a consistent and comparable basis. In recent years, a particular focus of IAS has been on standards covering principles for the recognition, valuation, and management of risks associated with financial assets and liabilities. 21 Valuation issues addressed in these standards relate closely to the widely adopted reserve management practice of quotmarking to marketquot, by requiring that securities held for ready sale are properly reported at their fair or market value in the reserve management entitys financial statements. 22 To the extent that market based valuation gains may be included in net profits, some reserve management entities may require supporting rules to avoid premature distribution of such profits. 30. General principles for internal governance used to ensure the integrity of the reserve management entitys operations should be publicly disclosed. 23 Disclosure in this context is an important element in satisfying the general public and markets as to the competence and performance of the reserve management entity in discharging its responsibilities for reserve management activities, as well as for other functions the entity may perform. The disclosures may be made as part of the entitys annual financial statements, or they can also be made in an official register or in other publications, as well as the entitys website. In addition to the risk management disclosures, required by accounting standards, they could extend to a broad discussion of the role of the Governing Board and Investment Committee in setting reserve management policies and parameters, internal audit, the role of an audit committee, and external audit arrangements. 3. Institutional Framework 3.1 Legal foundation 31. Sound institutional and governance arrangements should be established through a legislative framework that clearly establishes the reserve management entitys responsibilities and authority. An institutional framework that contains a clear identification of responsibilities helps ensure good governance and accountability, as well as ensuring that reserves are managed effectively and efficiently in a manner appropriate to a countrys needs. Legal assignment of institutional responsibilities, supported by delegation of appropriate authority to a reserve management entity, is particularly important for ensuring effective coordination and performance where reserve management responsibilities and functions are allocated across more than one institution. 24 Clearly establishing the reserve management entitys authority in legislation and appropriate documentation such as secondary legislation or regulations, coupled with public disclosure, enhances transparency and accountability, and also assures counterparties of the reserve management entitys mandate. 25 3.2 Internal governance 32. The internal governance structure of the reserve management entity should be guided by and reflect the principles of clear allocation and separation of responsibilities. A well-defined organizational structure from the very top to operational levels of the reserve management entity, establishes a clear separation of responsibilities and authority. In doing so, this creates a decision-making hierarchy that limits risks by ensuring the integrity of, and effective control over, reserve management activities. A supporting system of well-articulated, and formally documented, delegations and limits of authority works to ensure that persons involved in reserve management clearly understand their individual responsibilities and limits of authority, that risks are to be managed in a prudent and transparent manner, and that only authorized operations occur. 33. At the very top level of the reserve management entity, decisions are of a strategic nature and are usually made by the Governing Board or similar body, or the Governor. Their role is to define and set the overall parameters for reserve management operations and the control of risk, including the preferred trade-off between the different risks faced and the entitys tolerance for loss in, say, any one year. The Boards overall monitoring responsibilities would also see a requirement for the regular review of investment activity and performance. Such review should occur at least annually but can also be more frequent such as semi-annually or quarterly. 34. Decisions concerning implementation of Board strategies are usually the responsibility of an investment committee. The committee typically is chaired by the Board member with responsibility for reserve management. It is responsible for setting the operational framework for reserve management activities, including the investment strategy, portfolio benchmarks, and for reviewing operations and performance on a regular basis. The committee would also have a responsibility for approving the inclusion of new types of investment operations and instruments. Such approval would also encompass the policies and procedures for assessing new investment proposals, particularly in terms of their risks and the ability of existing staff and systems to handle the operations proposed. 35. At the operational level, decision making and responsibility for day-to-day reserve management operations are usually separated between those who initiate reserve management transactions (front office), those who control and ensure that risk limits are observed, assess performance and provide reports for management (middle office), those who arrange settlement of transactions (back office), and those who maintain the financial accounting records that form the basis of public disclosures (accounting department). Within this operational framework, many reserve management entities have established a separate risk management unit to monitor day-to-day operations and controls including, for example, breaches of delegated authorities and limits, errors and operational failures, and risk management measures such as Value-at-Risk (VaR), 26 duration, portfolio performance, and deviation from benchmarks. 36. Sound management of internal operations and risks requires appropriately qualified and well-trained staff, following sound business practices. All aspects of reserve management operations require well-trained staff. First and foremost, staff should have a firm grounding in market practices and instruments to undertake respective reserve management activities. Supporting this, the procedures that staff follow for settlement, and where necessary, resolution of disputes or differences should be based on sound business practices. Staff should also fully understand the risks and the control environment in which they operate. Failure of staff to observe controls, as well as failure of the control environment, can lead to significant financial losses and may tarnish the reputation of the reserve management entity. An added complexity for many reserve managers is the difficulty of retaining high quality staff in a highly mobile foreign exchange and investment market environment. Some reserve management entities might seek to provide adequate additional remuneration or financial incentives to match market offers. This may not always be an option, however, and other non-financial options such as providing a challenging work environment, including increased levels of responsibility commensurate with skill and experience, and a well-structured staff training program, may assist in retaining qualified staff and in developing resources to cover the unexpected departure of a key member of staff. 37. Effective monitoring of internal operations and related risks should be supported by reliable information and reporting systems, and an independent audit function. Inadequate control over operational aspects can threaten the ongoing performance of reserve management operations and the ability of the reserve management entity to safeguard the assets under its control. Reserve managers need to be aware of the main operational risks they face in day-to-day operations and the appropriate procedures to control such risks. 27 Equally important, they need to be sure that the control measures adopted are being observed. In this context, reserve managers require access to reliable information and reporting that enables them to monitor risks and performance, as well as any breaches of controls. Ideally, transaction processing and information systems should be fully integrated to reduce the risk of error and to improve the speed with which management information is available. Establishing such systems can, however, involve a significant investment in the operating infrastructure of a reserve manager. Evaluation of particular systems may need to have regard to the size and complexity of the reserve management entitys operations, and the skills of staff, to ensure an appropriate balance between the costs and benefits of the chosen system. 38. An effective and independent audit unit plays an important role in providing an independent assurance to the senior levels of the reserve management entity (such as the Audit Committee, or the Governing Board) that reserve management operations and internal control and reporting systems are operating properly to safeguard reserve and other assets. 28 The role of internal audit now tends to focus on a risk-based approach in assessing that the operating framework is adequate, and that control procedures have no gaps in addressing key reserve management and operational risks. Particular aspects of reserve management operations on which internal audit review might focus include: (i) the degree of success in achieving reserve management objectives (ii) determining whether all relevant risks have been identified (iii)160the adequacy of the system of internal controls in addressing risks, and monitoring compliance with procedures and controls (iv) the existence of proper safeguards to protect assets (v) the reliability, security, and integrity of Electronic Data Processing (EDP) communication, and other information systems and (vi) the accuracy of accounting records and processes. 39. Staff involved in reserve management should be subject to a code of conduct and conflicts of interest guidelines regarding the management of their personal affairs. 29 Such codes help to allay concerns that staffs actions or personal financial interests may subvert reserve management practices. These arrangements should also include a requirement that staff adopt and comply with professional codes of conduct that apply in the markets in which reserve management operations are undertaken. Similar arrangements might also be extended to staff of external managers through the contractual arrangements with such managers. 40. Effective recovery procedures should be in place to mitigate the risk that reserve management activities might be severely disrupted by the failure of operating systems, or other catastrophic events. Reserve management systems now typically depend upon the continuous operation of efficient and secure EDP and communications systems. Such systems require controls that protect against major interruptions to business from events such as equipment or power failure, unauthorized access, natural disaster, or other external acts. These controls should also include comprehensive business recovery procedures including back-up systems and contingency plans to ensure that operations can be resumed with a minimum of delay should a catastrophic event occur. 4. Risk Management 41. There should be a framework that identifies and assesses the risks of reserve management operations and that allows the management of risks within acceptable parameters and levels. Reserve management involves a number of financial and operational risks. A summary of external market-based and operational risks, which have been faced by reserve management entities, is provided in Box 2. A risk management framework seeks to identify the possible risks that may impact on portfolio values and to manage these risks through the measurement of exposures, and where necessary, supporting procedures to mitigate the potential effects of these risks. 42. Although there is no set formula that suits all situations, in practice, many reserve management entities draw upon generally accepted portfolio management principles in determining the strategy for asset selection and allocation to control exposures to external risks. Typically this involves establishing parameters for: (i) the currency holding and mix necessary to maintain the ready availability of convertible currencies, and also to maintain cross rate exposures within acceptable limits (ii) the permissible range of investment instruments that meet liquidity and security requirements and (iii) maturity or duration requirements for limiting exposure to interest rate or market price risks. Regarding the second point, risk parameters should include the minimum acceptable credit ratings for the issuers of those instruments. 43. The strategic asset allocation is typically embodied in a benchmark portfolio that represents the best or optimal portfolio given the reserve management objectives and risk constraints (Box 3 ). In order to guide investment operations, the benchmark portfolio needs to be well defined, 30 including in terms of the notional size, security composition, and rebalancing rules. Considerations in the selection of the currency mix within the benchmark portfolio include liquidity as well as currency risk. The reserve management entity may, for example, wish to hold some additional liquidity in the main intervention currency, or in specific currencies to facilitate debt servicing. It may also wish to consider whether other major liquid currencies should be held for purposes of hedging currency risk in the portfolio vis-agrave-vis other liabilities. Box 2. Adverse Reserve Management Experiences External Market-Based Risks Liquidity risk. The pledging of reserves as collateral with foreign financial institutions as support for loans to either domestic entities, or foreign subsidiaries of the reserve management entity, has rendered reserves illiquid until the loans have been repaid. Liquidity risks have also arisen from the direct lending of reserves to such institutions when shocks to the domestic economy led to the borrowers inability to repay their liabilities, and impairment of the liquidity of the reserve assets. Credit risk. Losses have arisen from the investment of reserves in high-yielding assets that were made without due regard to the credit risk associated with the issuer of the asset. Lending of reserves to domestic banks, and overseas subsidiaries of reserve management entities, has also exposed reserve management entities to credit risk. Currency risk. Some elements of currency risk may be unavoidable with reserve asset portfolios. There have, however, been instances where large positions were taken in other countries currencies in anticipation of favorable future changes in major cross rates, but where subsequent adverse exchange rate movements led to large losses. Interest rate risks. Losses have arisen on reserve assets from increases in market yields that reduced the value of marketable investments below their acquisition cost. Losses have also arisen from operations involving derivative financial instruments, including the taking of large positions, which have been subject to the effects of sharp and large adverse movements in market yields. In some instances, reserve managers may have had an inadequate understanding of all the characteristics and risks of the instruments used, and may also have lacked the technical skills required to manage exposures. Control system failure risks. There have been a few cases of outright fraud, money laundering, and theft of reserve assets that were made possible by weak or missing control procedures, inadequate skills, poor separation of duties, and collusion among reserve management staff members. Financial error risk. Incorrect measurement of the net foreign currency position has exposed reserve management entities to large and unintended exchange rate risks, and led to large losses when exchange rate changes have been adverse. This has also occurred when risk has been measured only by reference to the currency composition of reserves directly under management by the reserve management unit, and has not included other foreign currency denominated assets and liabilities on and off the reserve management entitys balance sheet. Financial misstatement risk. In measuring and reporting official foreign exchange reserves, some authorities have incorrectly included funds that have been lent to domestic banks, or the foreign branches of domestic banks. Similarly, placements with a reserve management entitys own foreign subsidiaries have also been incorrectly reported as reserve assets. Loss of potential income . A failure to re-invest funds accumulating in clearing (nostro) accounts with foreign banks in a timely manner has given rise to the loss of significant amounts of potential revenue. This problem arises from inadequate procedures for monitoring and managing settlements and other cash flows, and for reconciling statements from counterparts with internal records. Box 3. Benchmark Portfolios and Risk Management Senior management needs to specify a strategic long-term portfolio that represents the best available trade-off between the different risks that the reserve management entity is facing. This is the entitys investment benchmark, which is made operational through the construction of actual benchmark portfolios that include the chosen currencies with desired weights, investment instruments with appropriate credit characteristics, and duration that reflects the desired level of interest rate risk. The benchmarks should not include transient factors or reflect short-term market expectations, but their appropriateness should be reviewed regularly. Changes to the benchmark would be triggered by changes in market structures or characteristics that alter the investment environment. The adoption of investment benchmarks is a sound practice that brings discipline to the investment process. There are various approaches to measuring risk and controlling exposures as a result of deviations from the benchmark . Typically, such exposure is limited by the setting of quantitative limits on the size of any deviation from the benchmark in terms of currency, duration, or credit that may be permitted by those responsible for the investment of reserves. Currency risk is usually managed through quantitative limits on how much each individual currency, or all currencies in the benchmark taken together, may deviate from the benchmark structure. Interest rate risk can be managed by establishing benchmarks with a given duration and by limiting the actual portfolios deviation both in terms of duration and yield curve mismatches. Credit (default) risk has traditionally been managed by placing limits on eligible issuers or counterparties based on their capital and ratings. VaR methodologies can also be used to provide a quantified estimate of the maximum potential loss, with a given probability and time horizon, resulting from deviations from the benchmark portfolio. Investment benchmarks are an important tool for assessing performance and enforcing the accountability of reserve managers. Where managers are permitted to deviate from the benchmark portfolio, performance assessment and accountability will occur through the comparison of performance of the actual portfolio with that which could have been generated by holding the benchmark portfolio. Where portfolio managers seek to replicate the benchmark, assessment of performance would also be based on comparison of actual performance versus the benchmark. In both cases, the benchmark establishes the reference point for the reserve management entitys accountability in terms of its choice of risk tolerance. 44. A number of reserve management entities also subdivide their reserves portfolio into quottranchesquot according to liquidity and investment objectives and policy requirements. A quotliquidity tranchequot would reflect transaction andor intervention needs based on the assessment of potential need for liquidity on demand. Such portfolios are typically invested in the most liquid and risk averse instruments. For reserves that are held to provide an additional cushion, but are less likely to be drawn upon, an quotinvestment tranchequot may be created where greater emphasis is placed on return as well as safety and liquidity. The relative size of each tranche may be determined as part of an assessment of reserves adequacy, and each tranche would have a separate benchmark reflecting the different objectives. In some countries, tranching is also used to immunize market and foreign exchange risks on the reserve balance sheet, by establishing characteristics for a particular asset portfolio that match those of a group of counterpart foreign liabilities. 45. The risk management framework should apply the same principles and measures to externally managed funds as it does to those managed internally . Many reserve management entities allocate part of their reserves to one or several external institutions for management. External managers may have skills that the reserve management entity lacks, or they may provide a level of safety to foreign operations that the entity is unable to achieve. They may, for example, have skills and established systems for undertaking investment activities in specialized instruments and markets for which the reserve manager does not wish to develop a capability. Alternatively, they might provide access to new markets and activities or new investment strategies in which the reserve management entity is seeking to expand its operations. Finally, they may also assist smaller reserve management entities in managing or reducing the costs of maintaining a reserve management operation in a particular market or instruments. 46. Sound risk management of externally managed funds begins with the careful selection of reputable external managers, and a clear mandate for the managers to follow, together with agreed understandings of expected performance and tracking error. These arrangements should be set out clearly in separate written contracts with each appointed manager to ensure accountability. It is also important that appointment of an external manager should not result in the reserve management entity accepting operations and risks that would not normally be considered, or are not fully understood. Appointment of external managers can also have implications for the reserve managers choice of a custodian for its foreign securities. Generally, there should be a clear quotfirewallquot separation between any external management and custodial functions performed by any one entity. 47. In principle, and in practice, there should be no difference between the risk - management and performance-monitoring framework that is applied to externally and internally managed portfolios. Most likely it will, however, be necessary to establish a separate unit, or assign a position within the middle office, to enable the reserve management entity to fully monitor the activities of the external manager, and custodians. 48. Risk exposures should be monitored continuously to determine whether exposures have been extended beyond acceptable limits. Monitoring is essential in identifying and limiting any cumulative losses associated with either deviations from the benchmark, any underperformance of the portfolio vis-agrave-vis the benchmark, and increases in exposures associated with the benchmark itself due to market developments or structural changes. Since risk is inherent in both benchmark 31 and actual portfolios, monitoring should occur regardless of whether quotpassivequot or quotactivequot reserve management approaches are adopted. 32 VaR or other simulation methodologies may also form an integral part of the risk management and monitoring framework. 49. Reserve managers should be aware of and be able to account for potential financial losses and other consequences of the risk exposures they are prepared to accept. Active management based on expectation of movements in interest rates or exchange rates, or a choice by the reserve management entity to accept a higher risk tolerance in its benchmark portfolios, require that management is able to monitor and control any cumulative financial losses. Implicit in such an environment is the need for specific and monitorable risk limits on the extent to which managers can deviate from the benchmark, and a reliable and timely accounting system for measuring and reporting exposures and losses. In addition to possible financial losses, other consequences can occur such as the risk of adverse signaling to participants with respect to monetary and exchange policies, damage to the reputation of the reserve management entity, and possibly, a breach of a countrys obligations in terms of the Funds Articles of Agreement. In this latter context, reserve management entities need to be aware of their countrys obligations to collaborate with the Fund and other member countries to assure orderly exchange arrangements (Article160IV.1) and consistency of policies on reserve assets in promoting better international surveillance of international liquidity (Article VIII.7). Accordingly, governance arrangements to avoid such instances might include the requirement for investment committee approval of changes to benchmark parameters or portfolio allocation policies. 50. The risk management framework should also address risks associated with derivative financial instruments and other foreign currency operations. As noted earlier, derivative instruments may be used as part of reserve management operations particularly in reducing risk exposures. Effective risk management requires that the reserve management entity is aware of and understands the risks and benefits of these instruments, and that staff has a sound knowledge of the underlying risks and the modalities of particular instruments used. It also requires reserve management systems that are sufficiently developed to properly measure the values and exposures associated with operations. As the use of derivatives and other structured financial instruments grows, legal risk issues become particularly relevant. In this regard, risk mitigation could involve the use of standardized legal documentation and the performance of periodic reviews of documentation. 51. Beyond their reserve management operations, some reserve management entities also have other functions that involve foreign currency-denominated assets and liabilities both on - and off-balance sheet. 33 While such operations do not fall within the definition of reserve management operations, per se, they may, nonetheless, represent an important part of a reserve management entitys broader mandate and involve policy choices in the utilization of the countrys foreign exchange resources. 52. The reserve management entity, therefore, may be exposed to a range of additional risks that need to be managed in a coordinated and consistent manner. In this regard, a comprehensive asset and liability risk management framework could be used to address the overall risk exposure of the reserve management entitys entire balance sheet and, in doing so, reduce the risk of loss or impairment of reserves. 53. To assess the risk and vulnerability of the reserve portfolio, the reserve management entity should regularly conduct stress tests to ascertain the potential effects of macroeconomic and financial variables or shocks. Stress testing can have several objectives and is often conducted using financial models ranging from simple scenario-based models, to more complex models involving sophisticated statistical and simulation techniques. One objective typically is to determine the exposure of the portfolio to changes in market factors, such as changes in exchange rates or interest rates, often by using VaR models. 54. A second objective concerns assessing the possible impact on the level of official foreign exchange reserves of external shocks, contingent obligations that might materialize with such shocks, and sudden calls on reserves that may result from a reversal of short-term capital flows or closing out of the open foreign exchange position of the commercial banking system. Stress testing in this context is qualitatively different from measuring changes in the market value of the portfolio, and can be particularly useful in the formulation of asset and liability management and strategic asset allocation policies to ensure reserve availability during times of external stress. 5. The Role of Efficient Markets 55. Reserve management, and any related policy operations, should be conducted in markets that have sufficient depth and liquidity, and can process transactions in a sound and efficient manner. Reserve managers need to be certain that reserves can be liquidated in a prompt and efficient manner to provide the necessary foreign exchange for the implementation of policy objectives relating to, for example, market intervention, meeting balance of payments or debt servicing needs, or limiting external vulnerability. Policy actions, on the other hand, can also involve the purchase of foreign exchange that should be placed promptly into investment portfolios. In these situations, undertaking the relevant investment transactions in deep and liquid markets serves to ensure that they can be easily absorbed by these markets and without undue impact on investment prices received, or paid by, the reserve manager. Policy actions invariably, however, involve transactions initiated in the reserve management entitys domestic foreign exchange market, and which have a consequential implication for the reserve manager. In these circumstances, the effectiveness of the policy action will be dependent upon the efficiency and soundness of the domestic market. Furthermore, and of particular relevance for reserve levels, any failings or operating weaknesses in that market can directly impact on either the amount of reserves required to support the policy action or the amount of foreign exchange added to reserve holdings. 56. Undertaking transactions in deep and well-established markets ensures that reserve-related transactions can be easily absorbed at market determined prices without undue distortions, or adverse impacts on the level and availability of foreign exchange reserves. Asset liability management. The management of business and financial risks by matching the financial characteristics (on - and off-balance sheet) of an entitys assets to those of its liabilities. Back office. The area of reserve management operations responsible for confirmation, settlement and, in many cases, reconciliation of reserve management transactions. Benchmark. The mix of currencies, investment instruments, and duration that reflect the reserve managers tolerance for exposure to liquidity, credit, and market risks. Credit risk. The risk of nonperformance or default by borrowers on loans or other financial assets, or by a counterparty on financial contracts. Currency risk. The risk of adverse movements in foreign currency cross exchange rates that reduce the domestic currency value of international reserves. Currency risk also arises with an appreciation of the domestic currency. Custodial risk. The failure of a foreign agent or custodian to deliver securities held on behalf of the reserve manager. Dealing risk. Dealers exceed their authority in dealing with counterparties or instruments, or incorrectly process a transaction. Duration. A measure of the sensitivity of a portfolio to movements in market yields by determining the time-weighted average of the present values of all future cash flows of a security or a portfolio, discounted at current interest rates. Front office. The area responsible for initiating investment transactions in accordance with approved delegations, limits, and benchmarks and the prompt and accurate entry of transactions into the investment management system. Financial error or misstatement risk. The failure of the accounting system and related controls to properly record all transactions and accounting adjustments. Interest rate risk. Sometimes also referred to as an element of market risk, interest rate risk involves the adverse effects of increases in market yields that reduce the present value of fixed interest investments in the reserve portfolio. Interest rate risk increases, ceteris paribus, with the duration of a portfolio. Internal audit. An independent source of assurance about the management of risks and the operation of the control system that assists management of an organization in the effective discharge of their responsibilities. Information technology risk. The failure of critical electronic data processing, communication and information systems causing severe disruption to reserve management functions. Legal risk. The possibility of losses from contracts that are not legally enforceable or not properly documented Liquidity risk. Liquidity risk refers to the possible difficulties in selling (liquidating) large amounts of assets quickly, possibly in a situation where market conditions are also unfavorable, resulting in adverse price movements. Market risk. Risks associated with changes in market prices, such as interest rates and exchange rates. Changes in interest rates affect market prices of fixed interest securities. Hence, shorter duration securities are less at risk than long-term, fixed rate securities. Middle office. Located between the front and back offices, the middle offices role is to monitor that all transactions have been performed properly, that risks are being monitored and limits observed, and that relevant information is available for management. Official foreign exchange reserves. Those external assets that are readily available to and controlled by monetary authorities for direct financing of payments imbalances, for indirectly regulating the magnitudes of such imbalances through intervention in exchange markets to affect the currency exchange rate, andor for other purposes. 34 To meet this definition, reserve assets need to be liquid or marketable foreign currency assets that are under the effective control of, or quotuseablequot by, the reserve manager and held in the form of convertible foreign currency claims of the authorities on nonresidents. To be recognized as part of official foreign exchange reserves, gold must be held by the monetary authorities, as monetary gold. Operational risk. A range of different types of risks, arising from inadequacies, failures, or non-observance of internal controls and procedures, which threaten the integrity and operation of business systems. Public debt management. The process of establishing a strategy for managing the governments debt in order to raise the required amount of funding, achieve its risk and cost objectives, and to meet any other sovereign debt management goals the government may have set. Reputation risk. A reserve managers reputation and credibility may be called into question as a result of inappropriate reserve management actions, or unauthorized release of information. Reserve assets. See official foreign exchange reserves. Reserve management. The process by which public sector assets are managed in a manner that provides for the ready availability of funds, the prudent management of risks, and the generation of a reasonable return on the funds invested. Risk. The possibility of financial or other losses arising from an entitys financial exposures andor the failure of its internal control systems. Safeguards Assessment. A two-stage evaluation of a member countrys central bank control, accounting, reporting and auditing systems to ensure that resources, including those provided by the Fund, are adequately monitored and controlled. The first stage will determine whether there are clear vulnerabilities in these systems, based on information provided by central banks. If weaknesses in internal procedures are suspected, a second stage will comprise on-site evaluations and recommendations for improvements. Safeguards assessments for all new users of Fund resources began in mid-2000 and will run on an experimental basis to no later than end-2001. Settlement risk. The potential loss as a result of failure to settle, for whatever reason other than default, by the counterparty. Sovereign risk. The risk that a foreign sovereign government will restrict the ability of a holder to gain access to their assets or the proceeds from the sale of such assets. Sovereign risk is an inevitable feature of reserve management since assets are necessarily held in foreign countries, often in sovereign government securities of major investment currencies, and for which there are no better investment alternatives available. 1 The word union is used to represent monetary or exchange management unions that also undertake reserve management. 2 Among countries, and among monetary or exchange management unions, the entity responsible for reserve management may be a central bank or monetary authority acting either as a principal, or as an agent for another repository of reserves such as an exchange fund. These entities may also have a range of policy responsibilities and functions that extend beyond their reserve management responsibilities. For discussion purposes, the term reserve management entity is used throughout this paper to refer to the entity that is responsible for reserve management, and the term reserve manager is used to refer to the specific area within the entity that performs the actual reserve management function. 3 A number of countries also maintain separate stabilization or savings funds often related to non-renewable resources. Such funds do not generally fall within the definition of reserve assets, and are not specifically covered by these guidelines. They do, however, represent public sector assets that must be managed with due care and diligence. Accordingly, the principles contained in the guidelines may also have potential relevance for the sound management and stewardship of such foreign assets. 4 Such experiences are not discussed in detail in this paper, but have been drawn upon in identifying risks to which countries have been exposed. Some further detail, however, is provided in Chapter IV.4. 5 A discussion of reserve adequacy can be found in International Monetary Fund, 2000, Debt - and Reserve-Related Indicators of External Vulnerability, which is available on the Funds website: imf. orgexternalnppdrdebtresindex. htm . 6 In general, control is assured when reserve assets are owned by the reserve management entity. However, external assets held by another authority may also be considered as reserve assets when such assets are under the direct and effective control of the reserve management entity. Comprehensive guidance on definitional and other aspects of reserves and liquidity can be found in, quotData Template on International Reserves and Foreign Currency Liquidity-Operational Guidelines, quot October 1999, Statistics Department, International Monetary Fund. 7 Official foreign exchange reserves may also include holdings of gold. Such holdings would need to be held by the authorities as monetary gold so as to ensure ready availability for sale and delivery on world bullion markets. 8 Examples of instruments used include swap, futures, and options contracts involving foreign currencies or interest rates. Risk aspects associated with these operations are discussed in Section 4. 9 A currency board arrangement may also have a direct implication for the currency composition of reserves, if there is a requirement for base money to be backed wholly, or predominantly, by the currency to which the local currency is pegged. 10 Arrangements in this regard would include conventional fixed pegs, crawling pegs, horizontal bands, and crawling bands. Further detail on these arrangements can be found in IMFs Annual Report 2001 (Appendix II, pp. 141-143), which is available on the Funds website: imf. orgexternalpubsftar2001engindex. htm 11 This may involve, for example, a policy coordination body such as a separate treasury council that oversees external debt management and coordinates borrowing programs having regard to advice from the reserve management entity on the desired level of reserves. 12 See MFP Transparency Code 1.1.4 and 1.3.1. 13 See MFP Transparency Code 1.3.1. 14 See MFP Transparency Code 1.1 and 5.1. 15 See MFP Transparency Code 2.1.2. 16 See MFP Transparency Code 3.1 and 3.2.4. 17 It should be noted that this approach differs from more traditional entity-specific reporting regimes, in that it integrates the activities of all public authorities, including the reserve management entity, which may be responsible for, or involved in, responding to currency crises. 18 Further information on the SDDS and the data template, including data periodicity and timeliness, can be obtained from the Dissemination Standards Bulletin Board at dsbb. imf. orgApplicationswebsddshome . 19 See MFP Transparency Code 4.2.1 and 8.2.1. 20 IAS are promulgated by the International Accounting Standards Board, London. The publication of annual financial statements that are prepared in accordance with such standards, or equivalent national standards, and are independently audited, is also a key element of the Funds Safeguards Assessment framework. This framework has been adopted to ensure that central banks responsible for managing resources obtained from the Fund have adequate control, accounting, reporting and auditing systems in place to manage funds and to ensure the integrity of operations. The Supporting Document of the MFP Transparency Code also suggests an approach to good accountability practices based on the adoption of internationally recognized accounting and auditing standards. 21 While IAS do not contain any prescriptions relating specifically to international reserves, disclosures by a reserve management entity, on its reserve related assets and liabilities would likely form a large part of the more general annual financial statement disclosures required by IAS. Two relevant standards in this regard are IAS 32, Financial Instruments: Disclosure and Presentation . and IAS 39, Financial Instruments: Recognition and Measurement. These standards require, inter alia, financial statement disclosures relating to exposures to interest rate and credit risks, and the fair or market-based valuation of financial assets. 22 The quotmark to marketquot process of valuing all marketable investments at their current market price is a specific feature of the fair value measures defined in IAS 32 and IAS 39. 23 See MFP Transparency Code 4.2.2 and 8.2.2. 24 Responsibilities in this regard are usually allocated among the ministry of finance, central bank, or a central repository such as an exchange fund. 25 Following, for example, Guideline 2.1. 26 VaR methodologies can be a useful tool and component of risk management systems for the measurement of exposure to risks emanating from movements in market prices. Nonetheless, VaR has limitations and requires careful attention to the development, application, and the analysis of results. 27 Particular operational risks that might need to be addressed in the context of reserve management activities include control system failures associated with: (i) dealing risks (ii)160settlement risk (iii)160custodial risk (iv)160legal risk (v) information technology risk and (vi)160financial error or misstatement risk. Further detail on each of these risks is contained in the glossary to these guidelines. 28 Typically a separate area, such as the internal audit unit, within the reserve management entity performs this function. In some cases, particularly those involving smaller entities with a limited resource base, consideration might also be given to contracting out internal audit work associated with specialized operations such as reserve management. 29 See MFP Transparency Code 4.4 and 8.4. 30 The definition of a benchmark portfolio may be based on, or similar to, recognized investment quotindustryquot benchmarks such as those used and published by major investment houses. Many reserve managers, while drawing on such industry measures, choose to define and construct their benchmarks with more specific regard for the objectives, operations and risks of the reserve management entity. 31 All benchmark portfolios, for example, reflect tolerance for risk that can, and will, vary among reserve management entities. 32 Reserve management strategies can reflect varying choices between approaches that are generally described as either active or passive management. These terms, however, can be understood in different ways. Sometimes, a buy-and-hold only strategy is viewed as passive management. The more generally accepted view of passive management is one where the risk characteristics of the portfolio replicate those of the benchmark. In this case, portfolio managers take no view on the direction of the market (i. e. the rate of return provided by the benchmark is accepted). However, over time, transactions would be necessary to maintain the alignment of the portfolio with the predetermined benchmark. This is the kind of passive management discussed here. Active management implies that the actual portfolio deviates from the benchmark as managers take views on the direction of the market or some of its components. 33 Examples of other foreign currency activities include the issue of foreign currency-denominated securities to fund lending to domestic entities, facilities to support exporter access to pre - and post-shipment finance, placement of deposits with foreign subsidiaries of the reserve management entity, guarantees, and letter of credit facilities. In some cases, commitments have also been given to foreign supervisory authorities to support the capital and liquidity of the reserve management entitys foreign subsidiaries. 34 Source: Balance of Payments Manual . Fifth Edition, International Monetary Fund, Washington, D. C. 1998 (paragraph 424).
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