Nalm 2013: Bank of Israel’s Abir challenges credit risk assumptions in reserve management


Central banks' understanding of credit risk is being challenged by expanding reserve portfolios and an increasing appetite to evaluate risk in-house, according to Andrew Abir, director of the Bank of Israel's market operations.

As part of its bid to diversify away from the US dollar- and euro-denominated sovereign bonds, the Bank of Israel began investing in equity indexes in 2012, which it believes will help "reduce the volatility in long-term rates of return" as equities are negatively correla

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