Client area imf forex reserves

Strategic asset allocation Strategic Asset Allocation is a quantification of the risk tolerance embedded in the Investment Policy. It is presented as a set of benchmark portfolios weighted to primarily ensure capital preservation, but also to optimise the return profile of the reserves, avoiding downside risks. Strategic Asset Allocation determines the optimal asset allocation while recognising the risk tolerance and liquidity constraints of the SARB.

It sets the tranche sizes, currency composition and appropriate asset classes, and calculates the expected risk and return over the relevant time horizon. These parameters are specified at tranche level. Hence, each tranche has its own asset mix aimed at achieving the investment objectives of the tranche. Reserves tranches The reserves are divided into two tranches, namely the Liquidity Tranche and the Investment Tranche.

The Liquidity Tranche size is determined by an adequate level of reserves. Amounts in excess of this are allocated to the Investment Tranche. The Liquidity Tranche is invested in highly liquid securities to ensure the timely availability and capital preservation of reserves. SDRs can be exchanged for currencies of the IMF member countries during crises and, as such, are viewed as insurance against unforeseen events. The Working Capital Sub-tranche provides liquidity for short-term liabilities and cash management needs.

The Buffer Sub-tranche caters for unforeseen liquidity needs and serves to replenish the Working Capital Sub-tranche when required. It is invested in higher-yielding securities to enhance the return of the portfolio while recognising the capital preservation and liquidity objectives. External fund management The SARB, similar to other central banks, complements its internal reserves management activities with a well-structured external fund management programme.

The programme, which was introduced in , is periodically reviewed and refined to best suit the requirements of the SARB — in particular, the strategic asset allocation of its reserves. A member's quota determines its voting power and access to IMF financing. The quota largely determines a member's voting power in IMF decisions. In general, a member can borrow up to percent of its quota annually and percent cumulatively. In this regard, the governor and a deputy governor of the BOT serve as governor and alternate governor of Thailand in the IMF respectively.

Thailand's quota is 1, Thailand has no financial obligation to the IMF as Thailand completed repayment of the last Stand-By Arrangement in July , two years ahead of schedule. Its value is based on a basket of 4 major currencies, i. Work under the program seeks to identify the strengths and vulnerabilities of a country's financial system, and to help prioritize policy reforms. Stand-by is the most commonly used facility.

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