Reserves
High income countries less likely to tranche reserves
Overall, 72.4% of central banks divide their portfolios into liquidity and investment sections
IMF members will meet SDR interest payments, says paper
Fund publication notes interest rates on SDR rose sharply in last two years
Second Ecuador candidate promises to spend reserves
Both candidates now plan to raid central bank, despite 2021 law banning financing
Fewer than half of reserve managers perform liquidity stress tests
Approach tends to be more common among African and American institutions
FX reserves commonly invested in US Treasuries, bank deposits
SIBs and EU NextGeneration fund trail behind, as reserve managers avoid infrastructure and crypto
Few central banks expanded existing swap lines over the past year
Nearly one-third of new and existing lines are denominated in US dollars
External managers hired to set up new asset classes and train staff
Central banks also look to external managers to boost returns and access market intelligence
Reserve managers cut duration as top inflation-proofing strategy
No respondent reports expansion into non-conventional assets
Boards responsible for benchmark approval at most central banks
Over half of lower-middle income respondents favour investment committee over other methods
Central banks’ average import coverage ratio falls further
Upper-middle income institutions tend to have a higher ratio
Reserve management staff salaries increase by almost 6% from last year
Staff in Europe remain the best paid globally
Managers divided on sanctions effect on US dollar as reserve currency
Over 43% say it will weaken its status, but nearly 40% say it will not have meaningful long-term impact
Book notes: Bold vision, by Freddy Orchard
Largely uncritical insights about the formation of the GIC and Singapore’s currency regime
SDR allocation boosted global economy – IMF report
Review finds allocation met its main objectives, but some countries are failing to deliver on pledges
Ecuadorean candidate promises to spend central bank reserves
Measure could imperil central bank independence
Earth to Jackson Hole: create sustainable future bonds for stability and prosperity
Marina Zucker-Marques and Kevin Gallagher offer a template for a new central bank asset
Argentine candidate promises TV exposé of ‘empty’ BCRA vaults
Bullrich says currency controls “are eating the reserves”
Argentina reaches provisional agreement with IMF
Fund may continue loan despite non-compliance and ease reserve targets
PNG government orders central bank to release FX
Papua New Guinea police use pandemic law after dispute causes fuel shortages
PNG central bank dispute leads to fuel rationing
Papua New Guinea central bank has accused fuel importer of failing to repatriate earnings
Guillermo Avellán on BCE independence, capacity-building and dollarisation
Central Bank of Ecuador general manager speaks about the need to bolster the central bank’s legal autonomy, dollarisation challenges, payments developments and monetising local gold production