Reserves
Charts
FX reserves across regions and income groups
Central banks in different regions and income groups account for different shares of different asset classes. Naturally, only European countries invest in NextGen EU funds. Also unsurprising is the relatively even spread of US Treasuries across regions and income groups.
But some differences are clear as well. Central banks in high income economies are much more likely to invest in ETFs, green bonds and social impact bonds. Middle income countries hold more US agency debt. Low income central banks have more bank deposits.
For the full breakdown, use the benchmarking service’s interactive charts to explore the data.
Handful of central banks expanded swap lines in past year
Vast majority of swap lines offer US dollar liquidity
One in 10 central banks uses FX swaps to defend currency
Interventions were relatively common in past year, suggesting greater activity in spot market
Middle income countries form largest membership of World Bank Ramp
Central banks highlight market intel, support, training as partnership gains
Half of middle income central banks intervened in FX markets in 2023
Liquidity tranches form largest part of reserves in lower-middle income countries
Risk departments propose benchmarks at most central banks
Investment committees increasingly empowered to approve reserve benchmarks
Most high income central banks engage in securities lending
But liquidity stress-testing tends to be common practice across middle income institutions
Large reserve holders use external managers for intel and new assets
Staff training trumps new asset class adoption as overall goal for third parties’ engagement
Asset delegation to external managers averages just 12%
One in 10 central banks considering reviews of allocations to external managers
Central banks split over impact of US sanctions on dollar reserves
De-dollarisation, if it happens, will be very slow, central banks say
Reserve assets still rarely screened on ESG grounds
Bonds and equity indexes remain widely favoured for benchmarking
Ten central banks diversify portfolios with new asset classes
Institutions introduce green bonds and others into their reserve holdings
Reserves Benchmarks 2024 Charts
Take a deep dive into the Reserves Benchmarks charts, which have just been released for 2024.