Structure

Published: 31/1/2015 Modified: 6/10/2016
The structure of international reserves investment is monitored according to several criteria, with the main divisions being by currency, instruments and exposure to credit risk.

Investments in euros prevail in the currency structure and are followed by investments in US dollars and special drawing rights (SDRs).

Broken down by investment instrument, the major share of foreign currency portfolios is invested in government securities, collateralised and non-collateralised instruments and instruments of international financial institutions and central banks. In line with the principles of liquidity and safety, the lion's share is accounted for by investment in government securities.

In accordance with the Act on the CNB, the funds may be invested with financial institutions and countries with an investment credit rating from at least two internationally recognised credit rating agencies. In line with the principle of safety, the major share in the structure of international reserves is accounted for by investment in financial institutions and countries with the highest investment rating Aaa (according to Moody's). There are restrictions on investments in individual financial institutions and countries, which serves to diversify credit risk.

Currency structure of international reserves, shares by currency as at 31 December 2015

Structure of international reserves investment by instrument, in million EUR, as at 31 December 2015

Structure of international reserves investment by credit risk, shares by rating as at 31 December 2015