Investment remains largest tranche of most FX reserves
Asset-screening central banks more likely to operate other tranches
The investment tranche typically makes up the largest share of foreign exchange reserves of central banks, data from the Reserve Benchmarks 2025 finds.
Sixty-five (81.3%) of 80 central banks indicated engaging in reserve tranching. Additional data on their reserves tranches shows that the investment portfolio (50.7%) accounts for the largest average share of central banks’ FX reserves. Liquidity (34.8%) constitutes just over one-third on average, while “other” asset classes average 21.2%. The
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