Lower-income nations invest more with external managers

Third-party institutions offer staff training and new asset class investments

Low and lower-middle income nation central banks outsource an average of 18.1% of their total foreign exchange reserves to external asset managers, the highest proportion of central banks by income group. By contrast, upper-middle income reserve managers allocate 9.3% of their reserves to external institutions, while the corresponding figure for high-income country central banks is 14.6%.

The relatively high proportion of third-party asset allocations by low and lower-middle income economies

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