Benchmarking
Targeted liquidity facilities decline year on year
Lending to small businesses and other goals are top criteria for access
Central banks’ asset purchase programmes thin out further
One in five inflation targeters still use scheme, but most plan to taper purchases
Most monetary policy units sufficiently resourced
Macroeconomic analysis and research duties are officials’ top functions
Monetary policy staff annual pay rises year on year
Divisional budget averages less than $10 million a year
Middle income monetary policy teams comprise more junior staff
Monetary policy FTE employees average nearly 40 individuals across central banks
Reserve Benchmarks 2025 – executive summary
Data reveals how central banks are responding to tariffs – or choosing not to
Reserve managers name top bank counterparties and asset managers
Citi receives most votes as banker to reserve managers and World Bank is top asset manager
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
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
Financial Stability Benchmarks 2025 – model banks analysis
Data breakdowns reveal differences in risk perceptions, staffing and AI usage
Financial Stability Benchmarks 2025 – executive summary
Data sheds light on central banks’ assessment of tariff risks and other financial stability threats
Financial Stability Benchmarks 2025 report – the threat from tariffs
Benchmarks highlight how many central banks see tariffs as a high risk to financial stability
Neutral counter-cyclical capital buffer averages less than 1%
But average neutral level of CCyB varies by economic groupings
Six central banks report increase in AML/CFT risks
Nine in 10 institutions indicate having sufficient powers to deal with risks
The Genius Act: a smart move for global payments?
Experts from the stablecoin industry discuss if new US law can live up to its name
Central banks see cyber attacks as key financial stability risk
Respondents also reveal other elevated risks, including geopolitics and tariffs