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Changing importance of FX reserves

Changing importance of foreign exchange reserves

September 2018

One of the established economic truths of the global financial system is that nations need foreign exchange reserves. Reserves engender confidence in the financial stability of the nation holding them. However, the way in which this stability is built and maintained has changed over time. As a result, we argue that the reasons for holding reserves has also changed. This has important implications for how reserves should be managed.

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