HSBC Reserve Management Trends 2023
First published:
ISBN: 978 1 78272 991 4
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NDF interventions in Latin America
Elisa Vilorio Painter
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
Were Latin American central banks successful in their use of non-deliverable forwards as a key FX intervention tool?
While foreign exchange (FX) spot trading activities remain the dominant intervention tool in the FX markets for most central banks in Latin America, the use of FX derivatives as an FX policy tool has increased over time. Figure 6.1 shows yearly cumulative interventions in the spot and derivatives markets as a percentage of GDP for a selected sample of Latin American central banks, namely: Argentina, Brazil, Colombia, Chile, Ecuador, Mexico, Paraguay and Peru. Using figures from
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