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Central Bank Reserve Management Practices : Insights into Public Asset Management (Английский)

The World Bank Treasury’s Reserve Advisory and Management Partnership (RAMP) conducted its third survey on reserve management practices in 2021. One hundred and nineteen central banks, from different regions, income groups, and reserve levels, contributed to the survey, which included questions on investment policies, asset allocation, risk management, environmental, social, and governance (ESG) investing, and business continuity. The pandemic underlined the importance of safety and liquidity for reserve portfolios. The authors find that central banks maintained their conservative investment approach, focusing on high-quality fixed-income assets denominated in US dollars and euros. At the same time, against a backdrop of ultra-low interest rates in major economies, we also observe that central banks continued, in their search for yield, to gradually diversify their reserves into more currencies and asset classes within fixed income. Survey results also indicate that central banks’ risk management practices show room for improvement, especially in institutions that have expanded into nontraditional asset classes, including those that invest in corporate credit. Meanwhile, reserve managers could further enhance internal risk and reporting practices to strengthen oversight. ESG investing is still rarely adopted by central banks, and fewer than a quarter of respondents have included ESG objectives in their investment policy. Crucially, this is largely explained by the focus of reserve portfolios on high-quality fixed-income assets, among which ESG instruments and strategies are rarely encountered. We learn that, in order to maintain business continuity, central banks implemented home-based work in 2020, but technological drawbacks and cybersecurity concerns tended significantly to obstruct any ambition to attain fully remote reserve management operations. The paper carries the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development and World Bank and its affiliated organizations or those of the Executive Directors of the World Bank or the governments they represent.

Подробная Информация

  • Автор

    Ballon Carneiro,Mikaela, Hong,Dongsoo, Klingebiel,Daniela M. H., Herrero Montes,Carmen Mileva, Ruiz Gil,Marco Antonio

  • Дата подготовки документа

    2021/10/22

  • Тип документа

    Доклад/ отчет

  • Номер отчета

    165433

  • Том

    1

  • Total Volume(s)

    1

  • Страна

    Весь мир,

  • Регион

    Регионы мира,

  • Дата раскрытия информации

    2021/10/21

  • Disclosure Status

    Disclosed

  • Название документа

    Central Bank Reserve Management Practices : Insights into Public Asset Management

  • Ключевые слова

    level of foreign exchange reserve; currency composition of reserves; conditional value at risk; increase in interest rate; asset and liability management; floating exchange rate regime; strategic asset allocation; reserve portfolio; reserve management; foreign exchange policy; asset class; country income group; institutional risk tolerance; Special Drawing Right; public asset; balance of payment; long investment horizon; foreign exchange regime; working capital tranche; risk management framework; reserve management policy; emerging market bond; implications for policy; monetary policy operation; risk management practice; emerging market country; international debt obligation; evolution over time; preservation of capital; privileges and immunity; minimum credit rating; information on credit; investment tranche; survey results; income generation; investment policy; investment objective; investment committee; Learning and Innovation Credit; liquidity tranche; market volatility; survey respondent; holding reserves; external shock; other currency; external managers; Business Continuity; geographic region; risk measure; average duration; average investment; portfolio tranche; foreign reserve; intergenerational equity; individual currency; currency allocation; different currency; japanese yen; active risk; reserve adequacy; total reserve; foreign currency; economic crisis; macroeconomic objective; expanded eligibility; Market Risk; risk metrics; portfolio duration; investment principle; international reserve; expected return; Reserve currencies; reserve currency; liquidity need; australian dollar; average share; financial flow; economic shock; risk budget; macroeconomic condition; asset purchase; credit exposure; diversified portfolio; canadian dollar; domestic currencies; currency benchmark; public survey; peer institution; conservative investment; performance metrics; improve risk; investment process; positive impact; impact investment; currency exposure; country classification; market segment; liquidity investment; corporate bond; global trade; backed security; low risk; in institution; money market; several countries; local producer; government bond; operational perspective; bank deposit; Homebased Work; rating agency; primary source; income instrument; net change; portfolio return; short-term liquidity; macroeconomic environment; eligible asset; short-term debt; geographic pattern; portfolio objective; survey questionnaire; reserve asset; investment portfolio; empirical evidence; market price; aggregate data; allocation decision; empirical result; capital flow; accrued interest; open economy; global economy; simple average; monetary authority; multiple currency; time horizon; individual response; monetary gold; subsidiary right; noncommercial purposes; import bank; survey questions; reserve accumulation; savings objective

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