Reserves
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
IMF grants Burundi $271 million loan
Burundi must liberalise currency regime, end central bank financing and tighten policy
Ecuador refines more than a half-tonne of gold from small miners
Latest stage of gold purchase programme adds $36.1 million to reserves
IMF approves $3 billion short-term loan for Pakistan
Saudi Arabia and UAE provide $3 billion more as country tries to overcome crisis
Papua New Guinea’s Genia rejects calls for devaluation
IMF says kina is heavily overvalued
IMF extends food shock window despite low demand
Fund postpones end to looser caps on emergency credit
Equities look set to stay in FX reserves portfolios
Despite 2022 losses and higher bond yields, central banks maintain commitments to the risky asset class