Central banks are vulnerable to financial risks: Norges Bank paper

A Norges Bank paper published on Tuesday says central banks have reduced the operational risks associated with foreign exchange reserve management in the last century. However, financial risks have increased.

As part of the Norges Bank's bicentenary project, Stefano Ugolini, the paper's author, builds on a case study by the National Bank of Belgium to investigate the 19th century reserve management from central banks' perspective and differences between risk management practices in the past and