Reserves benchmarks – the latest data and analysis
Reserves
Reserve Benchmarks 2025 report – tariff realignment?
Benchmarks show how some central banks are cutting US dollar exposure and raising duration
The Reserve Benchmarks 2025 report reveals the beginnings of a response to US tariff announcements by some reserve managers. There is evidence of a shift out of dollars and into euros for some banks, while others have changed duration or the location of their assets in response to tariffs. Even so, the vast majority of respondents have so far not adjusted portfolios in response to tariffs, and more moved into the dollar than out of it.
Charts
Currency shifts
Many central banks made changes to their currency exposures in the past year. There was no agreement about the direction of travel with the US dollar, as almost equal proportions of respondents moved into the dollar and out of it. However, the euro and non-SDR currencies saw increased interest from central banks, on balance.
Model banks analysis – Reserves 2025
Explore key differences between central banks across economy groups
Reserves data
View the full breakdown of responses to the Reserves Benchmarks.
Working group minutes: rethinking dollar reserves
Central banks are seeking ways of mitigating geopolitical risk while maintaining dollar exposures
Reserve Benchmarks 2025 – model banks analysis
Data breakdowns shed further light on asset allocations, staffing and strategy
Reserve Benchmarks 2025 – executive summary
Data reveals how central banks are responding to tariffs – or choosing not to
Reserve Benchmarks 2025 report – tariff realignment?
Benchmarks show how some central banks are cutting US dollar exposure and raising duration
Most reserve managers continue holding medium-term Treasuries
Central banks from Asia-Pacific and Europe increase US dollar asset holdings outside the US
Reserves Benchmarks 2025 Charts
Take a deep dive into the Reserves Benchmarks charts, which have just been released for 2025.
Reserve managers name top bank counterparties and asset managers
Citi receives most votes as banker to reserve managers and World Bank is top asset manager
World Bank Ramp membership stronger among smaller teams
Share of central banks participating in network rises year on year
Central banks on average intervened in FX markets 21 times in past year
Minority of respondents expanded access to swap lines
Majority of reserve management strategies unchanged by US tariffs
Some central banks have changed duration or currencies, but for most, business remains as usual
Central banks modestly increased duration in past year
Some changed duration due to tariff impact, but not all in the same direction
Securities lending banks engage external managers for new assets
Allocation to third parties rises year on year to 15.6% on average