Central banks join the flight to quality

The financial turmoil has had a major impact on central banks' reserve-management policies.

This is the view of two-thirds of respondents to a survey, carried out by Central Banking Publications in autumn 2008.

In the crisis, central banks joined the flight to quality, cutting deposit holdings, tightening credit limits for assets and reducing exposure to counterparties.

Eighty-five per cent said the turmoil had affected their reserve management policies and 92% said they had reassessed counterpa

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