Appendix 2: Survey responses and comments

Robert Pringle and Nick Carver

Below are comments provided by reserve managers to the survey questions.

1. Which in your view are the most significant risks facing reserve managers in 2022? (Please rank the following 1–6, with 1 being most significant.)

Annual inflation for January 2022 is at its highest since 1982. Rising inflation reduces the real returns on investments. If the returns on investments do not outpace the annual inflation rate, investment will continue to lose value in real terms.

Answering at the beginning of March, where geopolitical tensions have realised already. Really hope will pass soon

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