Investment committees play dual reserve benchmark roles

Final decision made by committees at half of responding central banks

At most central banks the final authority for benchmark approval lies with the board. However, investment committees also play a role in half of central banks – either as a proposing or final deciding body, Reserve Benchmarks 2021 data shows. 
 
At the majority of central banks either the risk management department (52%) or investment committee (20%) propose the reserve benchmark. Just over a quarter of central banks said they have other arrangements. 
 
In terms of final benchmark approval, 58%

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