When liquidity and reserve management collide

The global financial crisis, the destabilisation of the domestic financial markets and the start of a worldwide recession has put the management of the central banks under severe pressure. Many of these challenges relate to the job of risk managers who have been confronted with problems, dilemmas and conflicts that appeared distant - or even unimaginable - only a few months earlier. This article deals with the challenges that central bank risk managers were confronted with in dealing with the