Central banks modestly increased duration in past year
Some changed duration due to tariff impact, but not all in the same direction
Respondents to the Reserve Benchmarks 2025 modestly increased the duration of their reserves portfolios on average in the past year.
Across the 75 central banks that supplied duration data in 2025, the average figure was 2.2 years. This compares with 2.1 years in the 2024 benchmark.
Forty-six institutions supplied duration data in both years. Among these, 14 cut duration, six left it unchanged, and 26 increased duration. The averages for this subsample aligned with the full sample averages – 2.1
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