ULAGANJE ZVANIČNIH DEVIZNIH REZERVI U ZLATO
INVESTMENT OF OFFICIAL FOREIGN EXCHANGE RESERVES INTO GOLD

Summary/Abstract: Official foreign exchange reserves in central banks are kept in various forms, which need to be selected so as to provide optimal liquidity of a country towards other countries, full support to the monetary policy of the country, particularly in exchange rate policy, public debt management and the fulfillment of obligations towards foreign countries. The policy for the investment of foreign exchange reserves is very specific in the terms of investment policies of other private and institutional investors. We observed the partial investment of foreign exchange reserves of Central Banks into gold with a focus on a policy of investment into gold of the Central Bank of Bosnia and Herzegovina. The main objective of this paper is to prove the feasibility of investing into gold in a situation where gold as a monetary medium does not hold significance as it used to.

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