Banks compete with official sector for reserve manager market share
External allocations increased modestly, but preferences have been reshuffling
Data collected in the Reserve Benchmarks 2026 survey indicates the official sector – international organisations such as the Bank for International Settlements and World Bank as well as central banks – is favoured by reserve managers, both as trading counterparties and external asset managers. However, commercial banks and managers are in close pursuit.
Central bank reserve managers were asked to vote for their top three bank counterparties, and, separately, top three external asset managers
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More on Reserves
Quarter of central banks adjusted reserves strategy after tariffs
Managers mostly adjusted duration; most change comes from Asia-Pacific
Third parties manage roughly one-sixth of reserves
Compensation for external asset managers takes different forms across jurisdictions
Four-fifths of central banks review strategic asset allocation annually
Approach tends to be more pronounced among smaller reserves holders
ESG gap between advanced and emerging economies narrows
ESG bond allocations are slightly down overall, but EMDEs are catching up
Foreign exchange interventions jump 71% year on year
One in four central banks uses derivatives for FX intervention
Investment tranches account for half of reserves
Just one-fifth of central banks lack tranching mechanisms
Central bank gold reserves ramping up
Equities also on the rise, but remain idiosyncratic
Larger reserve holders operate longest portfolio duration
Duration among respondents holds steady at around two years, on average