Boards are the main authority for benchmark approvals

Risk management teams tend to lead effort to propose new benchmarks

The board of directors remains the key decision-making body when it comes to central banks adopting new benchmarks for their foreign exchange reserves operations.

Boards have the final say in 57.8% of institutions, with investment committees having the authority to determine such decisions in 26.3% of central banks. The remaining institutions use alternative institutional arrangements that can include approval by a foreign exchange reserves management committee, another senior-level strategic

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