Benchmarking
Crashing the nth party: how third-party service provider risks compound
Cross-border collaboration may help deal with risks from multiple layers of outsourcing
Middle income central banks see largest volume of counterfeit notes
Foil remains least used security feature for banknote production
Majority of central banks have emergency cash inventory
But few respondents say they have alternative strategies in place
Half of central banks recycle banknotes as sustainability measure
Most currency operations lack climate strategy, but a few plan to launch one
Minority of central banks keep whole cash cycle in-house
Banknote printing remains central banks’ most outsourced function
Currency staff make up 8% of central bank workforce
Institutions with own printworks have larger currency departments
Raised tactile features are most common banknote visual aid
Assistive mobile application offered by just two central banks
Polymer substrates used on one-fifth of banknotes
Data reveals widening adoption in upper-middle income jurisdictions
Average volume of defective banknotes remains above 100m units
Central banks retrieved over $1 billion of mutilated banknotes on average
Cash payments average over 30% of transactions in 2023
No pressures on number of printed banknotes, central banks say
Half of upper-middle income banks plan banknote issue in next year
Total number of banknote denominations in circulation averages under 10
Average cash values rise more than volumes year on year
Value of banknote pieces in circulation rises by over 30% on average
Reserve Benchmarks 2024 – model banks analysis
New breakdowns reveal differences in central bank reserves management by size and economic group
Lessons learned on macro-pru policies
Macro-prudential tools are proving their worth although use cases vary by country; integration into over-arching policy frameworks remains a challenge
Reserve Benchmarks 2024 report – the challenge of diversification
Central banks’ insights into portfolio make-up shine light on new and old trends
How (not) to review your monetary policy framework
The Fed made some mistakes in its last strategy review. As it prepares to have another go, it could learn from other central banks
Handful of central banks expanded swap lines in past year
Vast majority of swap lines offer US dollar liquidity
Working group minutes: central banks weigh CBDC design choices
Central bankers discuss CBDC design elements, adoption rates and cross-border payments
One in 10 central banks uses FX swaps to defend currency
Interventions were relatively common in past year, suggesting greater activity in spot market
Middle income countries form largest membership of World Bank Ramp
Central banks highlight market intel, support, training as partnership gains
Half of middle income central banks intervened in FX markets in 2023
Liquidity tranches form largest part of reserves in lower-middle income countries
Risk departments propose benchmarks at most central banks
Investment committees increasingly empowered to approve reserve benchmarks
Most high income central banks engage in securities lending
But liquidity stress-testing tends to be common practice across middle income institutions
Large reserve holders use external managers for intel and new assets
Staff training trumps new asset class adoption as overall goal for third parties’ engagement