To meet this definition, reserve assets need to be liquid or marketable foreign currency assets that are under the effective control of, or “useable” by, the reserve manager and held in the form of convertible foreign currency claims on non-residents. The management of the foreign exchange reserves is typically the preserve of the central bank or the monetary authority of the country.
BIS Review 113/2007  1  Stabilization Funds, or commodity funds, are augmented mainly by “windfalls” from commodity exports, more commonly petroleum. These funds may invest in a wider range of assets than those in which the central bank would invest the foreign exchange reserves.