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Monetary Policy Benchmarks 2025 report – risk-based policy
The Monetary Policy Benchmarks 2025 show a continued process of normalisation after the crises of recent years. Asset purchase programmes, which were widespread five years ago, are now only in operation in 14.6% of central banks. New benchmark questions this year also explore risk-based policy-making. One widespread element of this is scenario analysis, which informs policy in 89.4% of central banks. However, there is wide variation in how risks to the monetary policy outlook are communicated externally.
Changing balance sheet composition mostly reflects normalisation
Gold buying and FX interventions drive changes in some jurisdictions
Inflation targeters mainly use corridor systems to set interest rates
But many central banks with exchange rate controls also use corridor systems
Benchmarking
Policy impact widely gauged by macro and market indicators
Policy-making frameworks commonly reviewed on ad hoc basis
Quarter of central banks have government reps on MPC
Only one such committee publishes policy-makers’ votes
Inter-bank working groups
Facilitating connections between central bankers across the globe to promote the exchange of expertise and support collaboration.
Upcoming meetings include: Cyber risk management, social media in communications and upgrading forecast models.
Model banks
Reserve Benchmarks 2025 – model banks analysis
Financial Stability Benchmarks 2025 – model banks analysis
Supervision Benchmarks 2025 – model banks analysis
Payments Benchmarks 2025 – model banks analysis
Strategic Planning Benchmarks 2025 – model banks analysis
Governance Benchmarks 2025 – model banks analysis
Fintech Benchmarks 2025 – model banks analysis
Risk Management Benchmarks 2025 – model banks analysis
Economics Benchmarks 2024 – model banks analysis
Currency Benchmarks 2024 – model banks analysis
Reserve Benchmarks 2024 – model banks analysis
Financial Stability Benchmarks 2024 – model banks analysis
Charts
Changing balance sheet composition
One in three benchmark respondents changed the composition of their balance sheet for monetary policy purposes in the past year. The most common reason, mentioned by about half of these banks, was normalisation after crisis. However, several made adjustments due to foreign exchange intervention needs and some for other reasons, including because of gold purchases and remittances to the Treasury.
Reports
Monetary Policy Benchmarks 2025 report – risk-based policy
Reserve Benchmarks 2025 report – tariff realignment?
Financial Stability Benchmarks 2025 report – the threat from tariffs
Supervision Benchmarks 2025 report – digital oversight
Payments Benchmarks 2025 report – cross-border connections
Strategic Planning Benchmarks 2025 report – charting a path
Governance Benchmarks 2025 report – independence amid turbulence
Fintech Benchmarks 2025 report – supervising security
Risk Management Benchmarks 2025 report – mind the techno-political gap
Economics Benchmarks 2024 report – making models work
Currency Benchmarks 2024 report – securing cash payments
Half of central banks offer no forward guidance
MPCs that meet at above-average frequency less likely to observe blackout period
MPCs with more frequent meetings tend to be more transparent
Just under three-tenths of central banks publish current level of r-star
Geopolitics and supply shocks top monetary policy risks outlook
Risk factors vary by nominal anchors and geographical regions
Committees of exchange rate targeting central banks meet most often
Inflation targeters have the average highest number of committee members