Transformation of the International Reserves in the Context of a Crisis of Confidence

International reserves as the most important component of the international monetary system (IMS) operate on the basis of their inherent basic principles and reflect the main systemic transformations. The use of international reserves as an instrument of pressure on sovereign states has caused uncharacteristic risks in the system and led to its significant transformations, manifested in the dynamics of reserve accumulation and the structure of reserve portfolios.

The purpose of the study was to determine the causes, factors and transformation trends of the international reserve system and the subject of the research was international reservation in the context of fragmentation of the global economy. In the course of the research, the methods of comparative, logical and contextual analysis, systematization and generalization, statistical analysis of time series and extrapolation were used. The author’s contribution was an analysis of the dynamics of accumulation of international reserves and their distribution by groups of countries for the period from 2000 to 2024, which revealed significant discrepancies between forecast and actual parameters, primarily for the group of developing countries. The differences in the policy of managing international reserves of developed and developing countries and the impact of geopolitical risks are shown.

It is concluded that the replacement of major reserve currencies with gold in the international reserves of developing countries is aimed at reducing vulnerability to the risk of blocking by decreasing the volume of toxic currency assets. This process leads to the remonetization of gold, strengthening its role both in the international reserve system and in the IMS.

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