Smaller reserve holders rarely lend securities or conduct stress tests
CVAR remains widely used risk management technique
Central banks with smaller foreign exchange reserves are less likely to use specialised portfolio management tools, including conditional value-at-risk (CVAR), securities lending and liquidity stress tests, the Reserve Benchmarks 2025 find.
The size of FX reserves across participating institutions averages $57.9 billion. Central banks with reserves over that figure are denoted as large reserve holders. Respondents with less than $57.9 billion in reserves are considered small reserve holders.
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