Changing balance sheet composition mostly reflects normalisation
Gold buying and FX interventions drive changes in some jurisdictions
Central banks that altered the composition of their balance sheets in the past year typically did so as part of the process of normalisation after the Covid-19 crisis, the Monetary Policy Benchmarks 2025 find.
Exactly a third of the 45 central banks that supplied data made changes to their balance sheet composition in the past year. Of these, around half (46.7%) made the changes due to normalisation.
“Other” reasons were the next most cited, at 26.7%, a group that included central banks buying
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