Reserve management practices are splintering
Traditional approaches to reserves management are breaking down, writes Jennifer Johnson-Calari
The 2018 Invesco survey of central banks confirms a trend of splintering reserves management policies and practises, and similar findings emerged from Central Banking’s 2018 National Asset-Liability Management (Nalm) conference.
In previous decades, the preferred strategy of reserves managers was overwhelmingly a US dollar short-duration government bond portfolio whose overriding objectives were immediate liquidity and capital preservation. This latest survey confirms the breakdown of this
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