Reserve Benchmarks 2023 report – rebuilding buffers
Insights on portfolios coverage ratios, strategies to tackle high inflation, new trends in asset diversification, geopolitical risks and external managers
View a printable version of this report in PDF format
The Covid-19 pandemic and the subsequent inflationary shock put pressure on reserve managers worldwide. Higher interest rates in the US contributed to make the dollar stronger, which weakened the exchange rate of most emerging economies. In a context of already high inflation, central banks deployed their reserves portfolios selling FX assets to boost their local currencies, putting downward pressure on import prices.
However, these
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