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International Reserves: The Experience of Ukraine and Poland
Harkusha Y. O.

Harkusha, Yuliya O. (2023) “International Reserves: The Experience of Ukraine and Poland.” Business Inform 7:128–134.
https://doi.org/10.32983/2222-4459-2023-7-128-134

Section: Finance, Money Circulation and Credit

UDC 339.7

Abstract:
The article highlights the theoretical and practical foundations of management of international reserves of both Ukraine and Poland. The article characterizes the system of elements of management of international reserves of the National Bank of Ukraine, which include: goals and principles of management; organizational structure of management; risks of operations with international reserves; risk assessment. The stages of management of international reserves of the National Bank of Poland are allocated and characterized, the relevant structures are defined. It is noted that in the process of managing foreign exchange reserves in Poland, decisions are made and implemented directly by the central bank of the country, without the participation of external asset managing institutions. The investment process is based on guidelines approved by the Board of the National Bank of Poland, including a set of norms, regulations and procedures, in particular on the decision-making process, permissible asset classes, as well as rules for financial risk management, including the establishment of credit limits and criteria for selecting a contractor. The structure of international reserves of both the National Bank of Ukraine and the National Bank of Poland is analyzed in terms of currencies. The value of gold and the share of gold in the international reserves of the National Bank of Ukraine and the National Bank of Poland are evaluated in dynamics. On the basis of the carried out study, conclusions were drawn and concrete proposals were formulated for improving the process of managing international reserves, taking into account international experience, namely: to optimize the structure of international reserves by diversifying it and expanding the list of reserve currencies; to increase the share of monetary gold as a reliable asset; to expand the direction of investing international reserves, in particular, to consider the possibility of investing in securities of countries that demonstrate sustainable development of their economies.

Keywords: international reserves, currency policy, central bank, currency, gold.

Fig.: 4. Bibl.: 12.

Harkusha Yuliya O. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Banking, Odesa National Economic University (8 Preobrazhenska Str., Odesa, 65082, Ukraine)
Email: [email protected]

List of references in article

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“Ekonomichni ta finansovi pokaznyky Ukrainy“ [Economic and Financial Indicators of Ukraine]. Natsionalnyi bank Ukrainy. https://bank.gov.ua/ua/statistic/sdds/sdds-data#ir_fcl
Dziubliuk, O. V. “Efektyvnist upravlinnia ofitsiinymy zolotovaliutnymy rezervamy“ [Effectiveness of Management of Official Gold and Currency Reserves]. Perspektyvy rozvytku bankivskoi systemy u hlobalnomu finansovomu seredovyshchi. Ternopil: TNEU, 2016. 21-26.
Harkusha, Yu. O. “Operatsii z mizhnarodnymy rezervamy: rozkryttia sutnosti u zvitnosti NBU“ [Operations with International Reserves: Essence Disclosure in NBU Financial Reporting]. Naukovyi visnyk Odeskoho natsionalnoho ekonomichnoho universytetu, no. 9-10 (2021): 28-32. DOI: 10.32680/2409-9260-2021-9-10-286-287-28-32
[Legal Act of Ukraine] (2018). https://zakon.rada.gov.ua/laws/show/vr229500-18#Text
Berlowska, B., and Jablecki, Ju. “Zarzadzanie rezerwami dewizowymi NBP“. observator finansowy.pl. April 28, 2022. https://www.obserwatorfinansowy.pl/bez-kategorii/rotator/zarzadzanie-rezerwami-dewizowymi-nbp/
Ofitsiinyi sait Natsionalnoho banku Polshchi. https://nbp.pl/
Koziuk, V. “Chy spravdi heopolitychna napruha maie znachennia“ [Does Geopolitical Tension Really Matter?]. Svit finansiv, no. 2 (2021): 8-22.
Erfan, Ye. A., and Belen, I. I. “Suchasni tendentsii rozvytku rynku zolota“ [Current Trends of Gold Market Development]. Naukovyi visnyk Uzhhorodskoho natsionalnoho universytetu. Seriia «Mizhnarodni ekonomichni vidnosyny ta svitove hospodarstvo». 2017. http://www.visnyk-econom.uzhnu.uz.ua/archive/12_1_2017ua/25.pdf
Zakharkin, O. O., Zakharkina, L. S., and Abravit, A. Yu. “Investytsiina pryvablyvist zolota yak sehmentu finansovoho rynku z urakhuvanniam chasovoho horyzontu investuvannia“ [Gold's Investment Attractiveness as a Segment of Financial Market Considering Investment Time Horizon]. Skhidna Yevropa: ekonomika, biznes ta upravlinnia. 2018. http://www.easterneurope-ebm.in.ua/journal/12_2018/58.pdf
“Tsiny na zoloto (londonskyi fiksynh)“ [Gold Prices (London Fixing)]. Minfinmedia. https://index.minfin.com.ua/ua/exchange/london/gold/
Karcheva, T. H., and Syrytsia, A. V. “Rol mizhnarodnykh rezerviv u zabezpechenni finansovoi bezpeky Ukrainy“ [The Role of International Reserves in Providing Financial Security of Ukraine]. Sotsialno-ekonomichni problemy suchasnoho periodu Ukrainy. 2015. http://ird.gov.ua/sep/sep20152(112)/sep20152(112)_033_KarchevaHT,SyrytsyaAV.pdf

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