Abstract
Before delving further into the subject of Chapter I, we have to clarify some of the terminology in order to make their use unequivocal. This is all the more necessary, since they are often used in an arbitrary manner in the economic literature. Our definitions are based on IMF publications. Thus, the aim of this chapter is to give an explanation of the concepts (central bank reserves, balance of payments, external monetary position of a country), to outline the interconnections among them and to give a brief review of the technical links through which they are realized in practice. It is all the more indispensable as money flows are reflected in the balance of payments and reserve positions and vice versa.
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