Úloha a význam zlata v devizových rezervách a vývoj podílu zlata v devizových rezervách ČNB v letech 1993-2022

The bachelor thesis deals with the role and importance of gold in the foreign exchange reserves of central banks. It examines what is the opinion of the representatives of the world's central banks on the issue at present. The thesis aims to test the hypothesis of whether the role of gold in the foreign exchange reserves of central banks is growing. The thesis includes an analysis of the factors that try to circumvent what links countries with similar amounts of gold. However, the analysis finds no consistent features or causes. Based on the analysis, it can be concluded that gold performs the role of a store of value better than other assets in foreign exchange reserves. An analysis of the evolution of the share of gold in the foreign exchange reserves of the world's banks shows that the amount of gold depends on the specific policy of each central bank and that the amount of gold does not practically determine the maturity or wealth of a country. The idea that economic or other crises change the behavior of central bankers, who tend to buy more gold in these periods than in periods of economic growth, is confirmed. Analyzing the foreign exchange reserves of the Czech National Bank and foreign central banks, we find that the CNB has almost zero gold in its foreign exchange reserves compared to the world's central banks. Since the hypothesis is confirmed, i.e., that the role of gold in central banks is generally increasing, the author agrees with the views of the current CNB management on the need to increase the amount of gold in foreign exchange reserves.