Reserve coverage remains at adequate levels despite Covid

FX interventions to tackle capital outflows have not meaningfully reduced portfolios globally

Central bank reserves are adequate to cover imports as well as short-term external debt, according to Reserve Benchmarks 2021.

Despite the higher levels of FX interventions implemented in the early stages of the pandemic to stabilise currencies worldwide, average coverage ratios are healthy worldwide.

Average import coverage ratio was nine months among the 32 central banks that addressed this question. Among six Asian respondents the average was 13 months, for six European institutions it was

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