Reserve Benchmarks 2023 – executive summary

Key findings of the 2023 benchmark, including coverage ratios, strategies to tackle high inflation, new trends in asset diversification, geopolitical risks and external managers

The Covid-19 pandemic and the subsequent inflationary shock put pressure on reserve managers worldwide. Higher interest rates in the US contributed to make the dollar stronger, which weakened the exchange rate of most emerging economies. In a context of already high inflation, central banks deployed their reserves portfolios selling FX assets to boost their local currencies, putting downward pressure on import prices.

However, these interventions came at a cost. According to the Reserve

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account