High reserves and low yields force central banks to focus on returns – survey

Official reserve management in the 21st century

Costs from higher levels of reserves, coupled with the lower bond-yield environment, are forcing central banks to focus more on returns, according to a survey by Invesco.

The investment management company has found that in order to preserve capital, most of the 62 central banks taking part in the study are deploying more active management strategies.

Between the Asian financial crisis of 1998 and the 2008 financial crisis, reserves grew by around 15% a year, the report says. This expansion

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