Reserve management at the BCB
Alan da Silva Andrade Mendes
Reserve management at the BCB
Executive summary
Trends in reserve management: 2023 survey results
The role of gold in central bank reserves
Will the dollar remain the world’s reserve currency?
Interview: Golan Benita
Reserve management at the BCB
NDF interventions in Latin America
Appendix 1: Survey questionnaire
Appendix 2: Survey responses and comments
Appendix 3: Reserve statistics
Introduction
Over the last few years, the Central Bank of Brazil (BCB) has implemented important changes to its reserve management investment process, sustainability approach and asset allocation. The diversification among currencies, including Chinese government bonds managed in-house, was accompanied by new asset classes, such as US agency mortgages and investment grade corporates, and new tools, such as TBAs and ETFs. The active management framework was revised, and the achievements have been encouraging. Last, sustainability has become part of the official agenda for the bank, and the
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