Reserves
Reserve Benchmarks 2023 – model banks analysis
Data sheds light on key differences between advanced, emerging and developing economies
Israeli economy and budget will remain resilient, says Yaron
Bank of Israel governor expects inflation will return to target on schedule
Argentina raises policy rate to 133% as crisis deepens
Presidential candidate Milei says peso worth less than ‘excrement’
Kenya to buy back $500 million in Eurobonds
Central bank governor says country will seek ‘exceptional’ IMF funding
Riksbank to sell reserves to hedge currency risk
Central bank aims to sell around $10.1 billion and will provide update from October 13
Bank of Israel to sell $30 billion to stabilise shekel
Exchange rate fell sharply following Hamas attack on October 7
Reserve Benchmarks 2023 – executive summary
Key findings of the 2023 benchmark, including coverage ratios, strategies to tackle high inflation, new trends in asset diversification, geopolitical risks and external managers
PEPP to become ECB’s weapon of choice
Facing high but falling inflation, the governing council is expected to hold rates
Reserve Benchmarks 2023 report – rebuilding buffers
Insights on portfolios coverage ratios, strategies to tackle high inflation, new trends in asset diversification, geopolitical risks and external managers
Ghana’s governor rejects opposition calls to resign
Addison says central bank only used monetary financing to respond to crisis
Over 15% of reserve managers plan diversification changes
Close to 14% of participants will increase diversification, while 17.2% are discussing changes
Fewer central banks added new reserve assets in 2023
Overall, 10.3% of institutions diversified their asset allocation, down from 18.6% last year
Milei picks professor to be (last) central bank governor
Argentinian candidate picks dollarisation advocate for BCRA
Joachim Nagel on the ECB’s terminal rate, fiscal policy, model relevance and the digital euro
The Deutsche Bundesbank president speaks about compromise on the Governing Council, rolling back PEPP, the need to implement Basel III and the chances of a revised Stability and Growth Pact
Bolivian reserves reaching critical levels, say experts
Central bank is depleting gold stocks to pay debt while monetary financing continues
Ghanaian MPC holds rates while Guinea opts for 50bp rise
Addison says Ghana’s growth will outstrip IMF forecast but reserves remain extremely low
Reserve managers vote BlackRock as overall best asset manager
Goldman Sachs and “other” asset management firms also score highly
Second Ecuador candidate promises to spend reserves
Both candidates now plan to raid central bank funds, despite 2021 law
Riksbank and Norges Bank continue increasing rates
Swedish central bank hikes rates to 4%, Norwegian to 4.25%
Managers divided on sanctions effect on US dollar as reserve currency
Over 43% say it will weaken its status, but nearly 40% say it will not have meaningful long-term impact
West African central bank raises rates as crises continue
Authorities cite “rising uncertainties at regional level” and reduced aid after wave of coups
Book notes: Bold vision, by Freddy Orchard
Largely uncritical insights about the formation of the GIC and Singapore’s currency regime
IMF paper offers ‘complete set of tools’ to model reserves demand
Authors say theirs is the first complete modelling framework for reserves demand
ECB: from a supply to a demand-driven floor?
Eurozone’s central bank expected formally to abandon corridor in forthcoming operational framework review