Sovereign asset and debt management

The management of official reserves and of sovereign debt are usually treated as distinct functions. The job of the reserve manager is to ensure adequate liquidity, consistent with prudence, security and yield consideration, of a portfolio held essentially for intervention purposes. The job of the debt manager is to meet the financing needs of the government while minimising cost and risk. Typically, the former is carried out by the central bank, the latter by the finance ministry/treasury direc