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MANAGEMENT OF FOREIGN CURRENCY RESERVES

Contents

List of tables

Table 1: Foreign Currency Reserves Ratios (2004)

Table 2: Benchmarks

Table 3: Benchmark Composition

Table 1 : Foreign Currency Reserves Ratios (2005) 1
	Australia	Industrialised Nations 2
		Average	Low	High
Reserves to GDP (%)	6	6 (4)	1	17 (11)
Reserves Import Cover (months)	3	3 (1)	0	17 (3)
Reserves to Short-Term Debt 3 (%)	23	41 (12)	2	213 (29)
Reserves to FX Turnover (days) 4	0.9	1.2 (0.7)	0.1	4.5 (1.1)

Official Reserves Assets (ORA) as defined by the IMF. These countries include the US, UK, Japan, the Euro-Area, Switzerland, New Zealand and Canada. The figures in brackets exclude Japan. Non-resident banking claims and debt securities outstanding with a residual maturity less than 1-year as published by the BIS. Turnover figures from Triennial Central Bank Survey 2004, as published by the Bank for International Settlements.

..................................................................................................................................

Table 2: Benchmarks
	US	Europe	Japan
Currency allocation (%)	45	45	10
Asset allocation (%)	45	45	10
Duration (months)	30	30	30

..................................................................................................................................

Table 3: Benchmark Composition (%)

US

Europe

Japan

Deposits

9

18

2

Repurchase Agreements

15

12

16

Short-Term Securities 1

28

20

42

Long-Term Securities

48

50

40

Total

100

100

100

Sovereign instruments with terms to maturity not exceeding twelve months.

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