Boards responsible for benchmark approval at most central banks

Over half of lower-middle income respondents favour investment committee over other methods

Approval of reserve benchmarks is most commonly given by central bank boards, the Reserve Benchmarks 2023 find.

Central banks’ boards have the authority to approve reserves portfolio benchmarks at 56.9% (33) of the 58 institutions that answered the question. This is down slightly from the 59% figure in the 2022 benchmark, and from the 58% reported in 2021.

Across the whole sample, just over a third or 34.5% (20) of respondents obtain benchmark decisions from their investment committee

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