MODERN TRANSFORMATIONS IN THE STRUCTURE INTERNATIONAL FOREIGN EXCHANGE RESERVES OF CENTRAL BANKS

Abstract

The article examines the issues of modern transformations in the structure international currency reserves of central banks and changes in the gold and currency reserves of the National Bank of Ukraine. It is noted that international reserves have a specific structure of holdings, including monetary gold, currency and deposits, securities (debt and equity), a reserve position in the IMF and special borrowing rights. It is emphasized that the structure of international reserves and the ratio shares of holdings or assets is formed by the country's central bank in accordance with its needs and the state of the economy. Factors contributing to transformational changes in the structure of the world’s general international reserves are determined. Such factors include: a decrease in the share of dollars and an increase in the share of non-traditional reserve currencies (Chinese yuan, South Korean won, Singapore dollar and Scandinavian currencies); the efforts of developing countries to issue more debt instruments in the currencies of creditor countries, in particular such as China; potential competition between fiat and digital money, creation of payment systems for digital currencies. The structure of general international reserves of central banks was analyzed, based on which a conclusion was drawn about the slow dynamics of changes in this structure. However, there is a tendency to reduce the volume of the dollar in international reserves. The structure of the international currency reserves of the National Bank of Ukraine was also analyzed. Based on this analysis, it is illustrated that the American dollar prevails in the reserves of the NBU, the share other reserve currencies, except the euro, tends to decrease. It was also established that in the structure of international reserves of the NBU, the main place belongs to securities, which are an income and liquid instrument, although they have a certain level of risk associated with the volatility of interest rates.