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What Is the Official Reserves Account (ORA), and Why Is

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What is the Official Reserves Account (ORA), and why is it more important for countries under a fixed exchange rate regime than for ones under a floating exchange rate regime?


Definitions:

Master Budget

A comprehensive financial planning document that includes all of the lower-level budgets within an organization, projecting its overall financial activities.

Service Revenue Budget

It outlines the expected revenue from services provided over a specific period, forming part of a company's overall budgeting process.

Sales Budget

A financial projection that estimates future sales, usually in terms of both volume and revenue.

Operating Expenses

Costs associated with the day-to-day activities of a business, excluding the cost of goods sold, such as rent, utilities, and salaries.

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