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Subject: Business English Language
Topic: ” Analysis of the status and structure of the
OIR of Ukraine”
» 1. Definition of OIRs and Components of Official
International Reserves
» 2. Ukraine Gold Reserves, Foreign Exchange
Reserves in Ukraine
» 3. Special drawing rights (SDRs)
» 4. Rule of thumb
OIRs – are those external assets that are readily
available to and controlled by monetary authorities,
that can ensure timely repayment of its international
obligations by acceptable means of payment to the
lender.
Monetary gold is gold to which the monetary
authorities (or others who are subject to the
effective control of the monetary authorities) have
title and is held as reserve assets.
˃ Special drawing rights (SDRs) are supplementary
foreign exchange reserve assets defined and
maintained by the International Monetary Fund.
(exchanged for euros, Japanese yen, pounds
sterling, or US dollars). SDRs are held only by the
monetary authorities of IMF members.
» As most countries engage in international trade,
reserves would be important to assure that
trade would not be interrupted in the event of
a stop of the inflow of foreign exchange to the
country, what could happen during a financial
crisis for example.
» A rule of thumb usually followed by central
banks.
» The volume of currency reserves is important,
but more important is the number of months of
import, covered by those reserves(the good
example is the rule of thumb).The gold and
currency reserves takes 19,2 bln dollars so
respectively the volume of Ukraine's currency
reserves covers 2,6 months of import.
» Currency reserves reduced due to objective
reason payments on external public debts.
 Ukraine should increase the amount of reserves in
foreign currency (USD).
 NBU should focus on buying precious metals from
the public in order to increase the amount of gold
with further perspective.
 Ukraine should implement Treasury Bonds (T-bonds)
for 10-30 years in order to increase general amount
of OIR. The amount of OIRs should be equaled 1-10
bln$.
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