FX reserves commonly invested in US Treasuries, bank deposits

SIBs and EU NextGeneration fund trail behind, as reserve managers avoid infrastructure and crypto

Central banks tend to invest a substantial percentage of their total foreign exchange reserves in US Treasuries and bank deposits, the Reserve Benchmarks 2023 find.

US Treasuries average 30.3% of the total foreign exchange reserves portfolios held in 54 respondent jurisdictions. The maximum percentage is 90% in a high income central bank from the Americas.

FX portfolio investments in bank deposits average 23.5% in 46 central banks. One lower-middle income respondent from Africa reports the

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