Reserves 2025
Reserve Benchmarks 2025 – model banks analysis
Data breakdowns shed further light on asset allocations, staffing and strategy
World Bank Ramp membership stronger among smaller teams
Share of central banks participating in network rises year on year
Central banks on average intervened in FX markets 21 times in past year
Minority of respondents expanded access to swap lines
Majority of reserve management strategies unchanged by US tariffs
Some central banks have changed duration or currencies, but for most, business remains as usual
Central banks modestly increased duration in past year
Some changed duration due to tariff impact, but not all in the same direction
Securities lending banks engage external managers for new assets
Allocation to third parties rises year on year to 15.6% on average
Investment remains largest tranche of most FX reserves
Asset-screening central banks more likely to operate other tranches
Reserve managers typically do not employ negative screening
Central banks with short-term import coverage more likely to utilise tool
Many managers assess reserves with benchmarks and other approaches
Central bank board remains top body granting approval for reserve benchmarking
European central banks shift reserves from US Treasuries to euro assets
US Treasuries still make up largest share of respondents’ reserves globally
Two in five large reserves holders reduce dollar allocations
Yet central banks’ FX holdings remain broadly denominated in US currency
Reserve managers widely satisfied with staff strength and resources
Large reserve management teams tend to earn higher salaries