Benchmarking
Cash for a very rainy, tremorous or lava-filled day
Are central banks well-positioned to keep cash flowing during natural disasters?
Monetary Policy Benchmarks 2023 – executive summary
Key findings of the 2023 benchmark, including policy tools, governance structures and operating frameworks
Monetary Policy Benchmarks 2023 report – navigating uncertainty
Benchmark data highlights ongoing evolution in policy frameworks as central banks move beyond the pandemic – and into the high-inflation period
Advanced economies more likely to publish minutes
Average central bank publishes minutes around two weeks after a policy decision
Proportion of central banks observing blackout period rises
AE respondents remain much more likely to employ the practice
Monetary policy press conferences held four times a year on average
Minority of central banks say they organise zero press conferences
Central banks average four forecast updates a year
Final decision on projections jointly taken by policy-makers and staff in most jurisdictions
Monetary policy staff numbers average below 40
European institutions and advanced economy central banks tend to have highest number of staff
Inflation targeters tend to pay monetary policy staff more
Salaries tend to rise with GDP per capita but less developed economies pay larger multiples
Confidentiality of policy votes remains common practice
Proportion of central banks revealing voting information with a lag creeps up
Monetary policy reports usually published four times annually
Institutions from Africa tend to release fewer publications
Equities look set to stay in FX reserves portfolios
Despite 2022 losses and higher bond yields, central banks maintain commitments to the risky asset class
Advanced economies most likely to survey trust and understanding
Data shows differences in how central banks judge the effectiveness of monetary policy
Treasury officials more likely to serve on advanced economy MPCs
Monetary policy committees or boards comprise 8.2 people on average globally
Use of asset purchase programmes for monetary policy wanes
Additional central banks end scheme, as more institutions forecast decrease
Few central banks brief fiscal authorities on monetary decisions
But practice is more common in institutions from the Americas
Communications Benchmarks 2023 – presentation
Specialist Jimmy Choi discusses communication strategies, social media, staffing and more
Corridor systems most used to set monetary policy
Floor systems less popular overall but widely used with asset purchase programmes
Payments Benchmarks 2023 – executive summary
Payments are undergoing rapid technological change, creating opportunities – and challenges
Debt issuance powers remain key attribute of most central banks
Proportion of non-debt issuing institutions narrows year-on-year to 6%
Payments Benchmarks 2023 report – moving money in shifting conditions
Data reveals differences in CBDC paths, RTGS systems, instant payment plans and budgets
Why fear, paranoia and distrust swirl around CBDCs
Populists and conspiracy theorists are exacerbating public concern about retail CBDCs. What can central banks do about it?
Median RTGS system processes nearly $100bn annually
Median value of payments rose by $15bn from the previous benchmark