2017: Journal no. 1 & 2

INTERNATIONAL RESERVES MANAGEMENT IN THE REPUBLIC OF MOLDOVA

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Authors:  
Victoria IORDACHI, PhD, Associate Profesor, National Institute for Economic Research, Moldova
Mariana Rodica TIRLEA, PhD, Dimitrie Cantemir Christian Univeristy, Bucharest, Romania
Tatiana PETROVA, Researcher, National Institute for Economic Research, Moldova

The actuality of the given research is determined by the importance of establishing the adequatevolume of international reserves held by the Central Bank. The main purpose of the article is investigationof new methods of calculating the adequate level of international reserves for emerging economies,proposed by the IMF and those existing in international practice. The main research methods weresystemic analysis and logic synthesis. The main result obtained in this article, as a result of the research,is proposing a special approach in applying the IMF methodology in the Republic of Moldova,considering the dependence of the economy on the export of labor. The conducted calculations show asignificant decrease in the level of international reserves of NBM over the past two years and theirapproach to the critical value. To overcome internal imbalances, the international reserves managementshould suppose the accumulation of a higher volume than the average, which would partly compensate theshortcomings in implementing reforms of transforming the economy of the Republic of Moldova,improving their efficiency and quality of domestic policy.

Keywords:  
economic growth, reserve assets, central bank, official foreign exchange reserves, capital adequacy, broad money, short-term debt, International Monetary Fund.