Reserves
National income not only determinant of reserve management staff numbers
Salaries ranged between $11,968–$138,768 among benchmark participants
Most central banks invest in derivatives
External managers facilitate wider use of these instruments
IMFC backs new trust to channel resources to vulnerable economies
Resilience and Sustainability Trust would offer support to a wider set of countries
External asset manager use on the rise
Central banks in upper-middle income countries allocated higher share of reserves to external managers
Brazil central bank spends $1bn to support real
Local currency has declined more than 10% against the dollar since June
Emerging nations turned to FX interventions during pandemic
Central banks in emerging nations twice as likely to implement FX interventions than peers in advanced economies
Reserve managers prioritise liquidity tranches during pandemic
Central banks increased this part of their portfolios in the wake of US Treasury disruptions
Social bonds gain importance as a reserve asset
More than two-fifths of benchmark respondents invest in social bonds
Agustín Carstens on BIS strategic priorities, innovation and central bank policy
BIS chief speaks about policy trade-offs at a critical time, tech collaboration, tackling NBFIs and the dearth of ‘green’ assets
BDF paper analyses banks’ capital buffers
Researchers suggest new approach to setting banks’ structural and cyclical reserve levels
Diversifying portfolios post-Covid
BNP’s Johanna Lasker talks about why central banks should consider equities and Tips
Book notes: Robert Triffin, by Ivo Maes with Ilaria Pasotti
Triffin’s story is well told by Maes, whose extensive personal and academic research shines through
Bank of Finland targets 2050 carbon neutrality for investments
Greening FX reserves will only be possible if countries meet their Paris climate goal, central bank says
Majority of central banks have power to issue debt for monetary purposes
Central banks pointed to draining liquidity as a reason for issuing debt
Central banks can improve reserves handling – World Bank
Direct board involvement, trading office setups and finance ministries all matter, report finds
Fixing market-based finance: duct tape or deep reform?
Deeper reforms may be needed to avoid stretching central banks’ balance sheets to breaking point
US and IMF block Taliban access to Afghanistan assets
IMF will not allow Taliban to receive SDRs, while US freezes central bank reserves
Sri Lankan central bank raises rates as reserves run low
CBSL says it is seeking foreign funding as external balance faces “multitude of challenges”
Mexican president demands IMF assets from central bank
Governor rejects proposal and former presidential ally says it would be legally impossible
Less chance of “taper tantrum” in emerging markets – Dallas Fed paper
Emerging markets have larger dollar reserves to meet financing disruptions
Taliban unlikely to gain immediate access to most DAB assets
Likely asset freeze and fall in currency may lead to hyperinflation, analyst warns
Green finance and mispricing: what role for central banks and governments?
Governments and central banks cannot stay on the sidelines, says Sayuri Shirai
IMF governing board signs off on ‘historic’ SDR allocation
Decision paves way for $650 billion worldwide infusion of liquidity later this month
The IMF’s $650bn SDR allocation and a future ‘digital SDR’
Focus is needed on widening SDR use in payments, to support a large allocation of ‘official’ IMF SDRs