Half of middle income central banks intervened in FX markets in 2023
Liquidity tranches form largest part of reserves in lower-middle income countries
Foreign exchange (FX) intervention was a widespread trend among central banks from middle income countries in the 2023 fiscal year, the Reserve Benchmarks 2024 reveal.
Ten (52.6%) of 19 upper-middle income central banks say they intervened in the past year. Similarly, 10 (62.5%) of 16 respondents say they did within the same period. Only three (16.7%) of 18 high income institutions say they had cause to implement FX interventions in 2023.
Overall, fewer than half (23 respondents or 42.6%) of 54
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