This Selected Issues paper assesses the desired level of foreign exchange reserves in the Former Yugoslav Republic of Macedonia, given its commitment to maintain the exchange rate peg. A variety of methods including popular rules of thumb, comparisons with other emerging countries, and model-based estimates suggest a target range of β¬1.5β2 billion for reserves. The paper also looks at reserve levels that would be implied by popular rules of thumb and at benchmarks suggested by other emerging market countries.
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