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Significant international reserves assuring financial stability Figure 8: Sovereign debt to GDP lowest in both EM and DM spaces External debt, $bn Reserves, $bn Developed

cover in future periods, as reflected in the insurer’s unearned premiums’ reserves, and increased by adding cover for the current period that was prepaid

central banks include: • US Federal Reserve System (Fed) – A target for an interest rate at which depository institutions lend reserve balances to other depository institutions

Required reserves Required reserves calculate a required period duration daily balances to be averaged recorded to reserves amount for a (days) Reporting period Required reserves

production index .... 23 5. CONCLUSION ........................................................................................................... 29 REFERENCES ................................................................................................................. 31 APPENDIX ........................................................................................................................ 32 All rights reserved. The views expressed in this paper are solely those of the authors

amendments stipulate the conditions for the inclusion of funds placed in required reserve accounts with foreign central (national) banks into highly liquid assets. The requirements

of 2019 Q2 (+3.9 pp over the quarter) and in pension reserves it stood at 40.8% (+0.5 pp), reads the Review of

and capital account balance 112 83 56 39 28 Financial account (excluding reserve assets) 77 20 19 14 14 Government and the central bank 9

The adopted changes set out a separate procedure for the formation of reserves for homogeneous loan portfolios to small and medium-sized enterprises where the risk

BY CAPITAL RESERVE** Figure 3.20 60.3 Capital reserve over 5 pp 49.3 8.0 8.7 17.6 Capital reserve 2 pp