In the Bank of Estonia's annual report released this month, the Governor Vahur Kraft said that new systems in risk management had been installed in 1999 to increase the return on the bank's foreign currency reserves. These systems had been put in place by a foreign asset manager at the beginning of 1999 - as a part of the bank's overall strategy of risk diversification. Although negative yields in the world bond markets caused the central bank to suffer a loss in 1999, improved risk management