International reserves



Statistical treatment of the International monetary reserves by the entrance of Slovenia to the Euro area

With entry to the Economic and Monetary Union, Slovenia joined the countries who participate in common monetary policy of member countries and don't conduct their own monetary policy. Banka Slovenije has become one of the members of the European system of the central banks, whose share of the national international monetary reserves forms a part of the common international monetary reserves of the Economic and Monetary Union.

The statistical treatment of the international monetary reserves has changed with adoption of euro. Only the part of the foreign currency reserves, which is nominated in the non-euro currency and is invested in the non-EMU countries, is included into the international monetary reserves of Slovenia, in addition to the monetary gold, reserve tranches and SDR's. The same concept of the international monetary reserves is applied in all other EMU member countries.

On  the assumption that the structure of foreign exchange reserves is not substantially changed , the introduction of euro causes a  decrease of existing international monetary reserves by 85%. This actually means only the statistical redistribution of stocks from categories, which are defined as the international monetary reserves, to other adequate instruments (currency, deposits and/or securities). The decrease of the international monetary reserves was also witnessed at the introduction of euro in other member countries. The reserves of the primary EMU member states  decreased on average  by more than 30%, which means that they had at the time of the introduction of euro, 30% of reserves either nominated in currencies, which were succeeded by euro, or in the financial instruments of the issuers resident in the EMU area.

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