The key element of financial stability and solvency of countries is their international reserves. Reserves are used as safety net during financial crises and warn investors of a level of investment protection in international transactions.

According to the strategy of the International Monetary Fund, international reserves of a country include: currency reserves, monetary gold, reserve position on the IMF (right of the country – member of the IMF on automatic unconditional borrowing in foreign currency within the limits of 25% from share of a country in the IMF) and special drawing rights, SDR (issued by the IMF international reserve assets, is the unit of account for the IMF).

Currency reserves make the most liquid part of international reserves. Absolute leader in terms of accumulated currency reserves, following the results of Q4 2018, is China - 3 488 billion USD (s. Table 1).

Russia takes 6-th place of the rating with 371 billion USD. Compared to the similar period of 2017 currency reserves of the RF have 7,4% increased.

Remarkably, comprehensive currency reserves of the euro-region countries make just 290 billion USD.

According to recent published by the IMF data on the end of Q3 2018, absolute volume of cumulated currency reserves in the world was valued at 11,4 trillion USD. US dollar continues to be main reserve currency – 6,6 trillion USD are kept in North American currency. (s. Picture 1).

Picture 1. Volume of main world currency reserves in terms of main currencies on the end of Q3 2018, billion USD

At the same time, position of US dollar as leading reserve currency is weakening. On the basis of quarter dynamics of main currencies` deposit to world reserves, decrease in share of USD from 65,5% in Q1 2016 to 61,9% in Q3 2018 can be observed. Positions of Euro, Japanese yen and other currencies are increasing (s. Picture 2). How stable will be this tendency, it become clear in the next one – two years.

Picture 2. Quarterly dynamics of share of main currencies in the international reserves, %

The Government of the RF adopted the Order №158 «On Approval of the Regulation on the Classification of Hotels» dated 16.02.2019 for the implementation of the Federal Law №16-FZ «On Amendments to the Federal Law «On the Fundamental Principles of Tourist Activities in the Russian Federation» and the Code of the Russian Federation on Administrative Offenses in order to improve the legal regulation of the provision of hotel services and the classification of objects of the tourist industry» dated 05.02.2018.

According to the Regulation, all types of hotels are classified according to the system of stars, which provides for 6 categories: from five stars - to no stars. The highest category is five stars.

Until now, this system has been voluntary. By the end of 2018, more than 13,800 hotels were awarded qualifying stars.

The Regulation applies to almost all types of hotels, with the exception of organizations, specializing in rest and recreation for children, social and medical services, as well as sports and religious organizations, camping sites, hostels and others, where hotel services are not provided.

The Regulation establishes following:

• the procedure for the classification of hotels, including the procedure for making a decision to refuse to classify a hotel, to suspend or terminate a certificate of assignment of a category;
• types of hotels, categories of hotels, requirements for categories of hotels;
• certificate form for assigning of a category to a hotel;
• requirements for informing of consumers about the category assigned to a hotel, including the requirements for the placement, content and form of the information mark about the category assigned;
• procedure for submission of information on hotels classified by an accredited organization and copies of certificates of assigning of hotels of certain categories to the Ministry of Economic Development of Russia;
• stages of hotels’ classification;
• procedure for appealing of results of the classification in the appeals commission;
• grounds for the suspension and termination of the certificate;
• procedure for conducting of an expert assessment.

Accreditation of organizations that classify hotels is conducted by the Ministry of Economic Development of Russia.

According to the Information and Analytical system Глобас currently there are more than 33 000 active companies in Russia, providing services for the provision of part-time residence. Information about them and their business activities can be obtained by subscribing to Globas.