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

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