Investment tranches account for half of reserves
Just one-fifth of central banks lack tranching mechanisms
Central banks typically structure reserves into investment or liquidity tranches, and the investment tranches tend to be bigger, the Reserve Benchmarks 2026 show.
The average size of respondents’ reserves in investment tranches is 48.8%, while over a third of reserves constitute liquidity (37.5%). One-fifth of the assets are in structured into “other” (20.5%) tranches.
By reserves size, central banks holding more than $79.5 billion in value (larger reserve holders) have the highest average
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Duration among respondents holds steady at around two years, on average
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Nearly all central banks hold dollars, but emerging market reserve managers have the highest allocations
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Staff strength and salary associated with size of reserves
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