نرخ بازدهي واقعي مورد انتظار ارزهاي ذخيره و پيشنهاد شاخص جديدي از قيمت واردات در ايران

The Real Rate ofReturn on Reserves Currencies in Iranian Economy

One of the key aspects of foreign reserves management in central banks is to determine the currency composition of foreign exchange reserves. One of the important indexes required for determining the optimal currency composition of reserves is the expected real rate of return on currencies. In this study, the ex post real rate of return in Iran on five important currencies -US dollar, euro, pound, yen and Swiss franc- was computed since the advent of euro (I st January 1999). To this end, proper import price index was suggested, computed and applied in calculating the rate of returns.