Foreign exchange reserves
Definition
Strict definition is the total of a country's foreign currency deposits and bonds held by the central bank and monetary authorities. However, the term often refers to the total of a country's gold holdings, convertible foreign currencies held in its banks, plus special drawing rights (SDR) and exchange reserve balances with the International Monetary Fund (IMF).
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Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University
Term of the Day
Covenant defeasance
Covenant defeasance allows the issuer to remove the bond's covenants by placing the remaining payments with a trustee in escrow to be paid out on schedule.
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