Analýza vývoje devizových rezerv Ruské federace v letech 2004 až 2012

This bachelor thesis focuses on the analysis of foreign exchange reserves of Bank of Russia in the years 2004 -- 2012. The first chapter explains the most important theoretical terms, knowledge of which is necessary to understanding the topic, and describes the theoretical approaches to determining the minimum or optimal level of reserve holdings. The next section is devoted to the Bank of Russia, instruments of monetary policy it uses and a special regime of exchange reserves accumulation, related to Russia's position as one of the world's largest exporters. The last part concerns with the analysis of Russia's foreign exchange reserve holdings in the years 2004 -- 2012 from the various views and is closed with calculating the minimum level of reserve holdings required by indicators described in the theoretical part.