Foreign exchange reserves of the Republic of Macedonia – Foreign assets (deposits, securities, gold) owned by the state, whose basic function is the protection of the economy from negative external shocks, regular servicing of external public debt and interventions on the foreign exchange market. The activities for creating foreign exchange reserves of the Republic of Macedonia start at the end of 1991, when the Government adopted a decision to apply the exchange operations of the payment operations of the foreign exchange operations and for separating and directing a part of the foreign exchange inflow in the Republic of Macedonia. On this basis, the NBM begins to establish foreign exchange reserves so that the banks allocate 30% of foreign exchange inflows of enterprises. In this way, on the day of monetary independence, the foreign exchange reserves of the Republic of Macedonia amount to only three million dollars. In the period after the monetary independence, foreign exchange reserves show a continuous increase trend at the end of 2006. They amounted to 1.4 billion euros. Regarding the structure, most of the foreign reserves is placed with foreign central banks (51%), 68% of foreign reserves are kept in the form of deposits with foreign banks, 78% of foreign reserves are denominated in euros, and 90% of The placed funds have maturity of up to 90 days. The most important factors that influence the dynamics of foreign reserves are the Central Bank’s interventions on the foreign exchange market (Redemption and sale of foreign currency), the borrowing of the state abroad, the repayment of external debt, the inflows of foreign currency from the privatization of state-owned enterprises, the credit obligations of the Central Bank , the mandatory reserve of banks in foreign currency, as well as the revenues from the placing of foreign reserves. The foreign exchange reserves of the Republic of Macedonia manages the NBRM, in accordance with the principles of security, liquidity and ROI. In addition, the total foreign exchange reserves consist of three portfolios: liquidity portfolio, investment portfolio and gold. When handling foreign exchange reserves, the Central Bank manages the credit risk, liquidity risk, currency risk and interest rate risk. The quantification of market risks on which foreign reserves are exposed is carried out by applying a modern sophisticated statistical methodology (Current War), which assess the maximum change in foreign reserves within a certain period of time, caused by changes in the prices of financial instruments and foreign exchange rates. AM: Newsletter, Ministry of Finance, Skopje, July / August 2006, 7. Kiki Mangova Ponjvic, Vanco Kargov, 60 years Central Banking in the Republic of Macedonia, National Bank of the Republic of Macedonia, Skopje, 2006; Report on the management and handling of foreign currency reserves in 2006, National Bank of the Republic of Macedonia, Skopje, February 2007; Newsletter, Ministry of Finance, Skopje, July / August 2006, 7. Mr. P.
Original article in Macedonian language Cyrillic alphabet
Кириличен напис ДЕВИЗНИ РЕЗЕРВИ НА РМ