Asian central bank reserves surpass optimal levels, says IMF’s Zavadjil


Central banks in emerging Asia – stripping out China – now hold an average of 7.2 months of import cover as reserves. As a result, central banks in the region are starting to hold foreign exchange in excess of optimal levels, according to the latest research by Milan Zavadjil, senior resident representative for Indonesia at the International Monetary Fund (IMF).

Zavadjil has supported the rise in reserves at central banks in Asia following the Asian Financial Crisis 1997–98 and developed a model

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