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

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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

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