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Reserve Benchmarks 2023 report – rebuilding buffers

Insights on portfolios coverage ratios, strategies to tackle high inflation, new trends in asset diversification, geopolitical risks and external managers

The Covid-19 pandemic and the ongoing inflationary shock put pressure on reserves portfolios. After deploying FX assets to support exchange rates and tame import prices, central banks now need to rebuild their buffers. 

According to the Reserve Benchmarks 2023, the average import coverage ratio narrowed further by 3.5% year on year. To accomplish this goal, these institutions are considering new approaches to asset diversification, while maintaining traditional strategies such as tranching their assets between investment and liquidity portfolios.

Read the full report

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.

Explore interactive charts
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Reserve Benchmarks 2023 – model banks analysis

Data sheds light on key differences between advanced, emerging and developing economies

Reserve Benchmarks 2023 – executive summary

Key findings of the 2023 benchmark, including coverage ratios, strategies to tackle high inflation, new trends in asset diversification, geopolitical risks and external managers

Reserves Benchmark Data

Reserves data

View the full breakdown of responses to the Reserves Benchmarks.

Reserves 2023
Reserves 2022
Reserves 2021
Reserves 2020

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