Most asset purchase programmes are winding down

Around a quarter of respondents have open APPs but most are shrinking

After a surge in usage around the Covid-19 pandemic, asset purchase programmes (APPs) appear to be winding down, the Monetary Policy Benchmarks 2024 show.

Among the 45 central banks that answered this question, 24.4% have an APP. All but one central bank say they expect the value held under the programmes to decrease in the next year.

The use of APPs has diminished significantly since 2021, the first year for which benchmarking data is available. In 2021, as central banks continued to tackle

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