Central banks feel the pinch

A combination of low interest rates around the world and a weakening of the dollar over the past two years has cut back central bank profits. Low yields on sovereign or very high-quality debt, traditionally the bulk of central banks' assets, have reduced interest income. Compounding this, the fall in the value of the dollar (again the predominant denomination of most of central banks' foreign exchange assets) against almost all currencies has created large unrealised losses. Central banks' incom

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