Similarly to the core duties of the central bank, the Monetary Council is also the supreme decision-making body in respect of foreign exchange reserve management: it defines the objectives and requirements related to the foreign exchange reserves such as the level and liquidity of the reserves, decides on the currency used for optimisation, the risk strategy and the most important quantitative strategic parameters of reserve investment. The operative decision-making powers are exercised and the foreign exchange reserve management strategy is implemented by the Executive Board of the MNB, within the framework stipulated by the Monetary Council. The Executive Board approves the limit system serving as a framework for risk taking: the permitted maximum deviation of the reserve portfolios from the benchmarks, the counterparty limits and the range of investment instruments permitted in the field of reserve management. Foreign exchange reserves are organized into portfolios. They are managed by Foreign Reserves Management Department along guidelines of the benchmark system and within the boundaries set by the limit system. The task of the Asset-Liability Committee is supporting decision-making of the chairman in issues he is responsible for as being a dedicated Board member. The committee meeting gives space for the organization units concerned in reserves management to discuss their professional opinions.