Inaugural RAMP Survey on the Reserve Management Practices of Central Banks : Results and Observations

In the spring of 2018, the World Bank Treasury's Reserves Advisory and Management Program (RAMP) concluded its inaugural survey on central banks' reserve management practices. RAMP sought to assess whether there had been a significant evolution in this activity over the past two decades gi...

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Main Author:	World Bank
Format:	Survey
Language:	English
Published:	World Bank, Washington, DC 2019
Subjects:	CENTRAL BANK BANK RESERVE MANAGEMENT PUBLIC ASSET ASSET FOREIGN CURRENCY EXCHANGE SURVEY STRATEGY PUBLIC GOODS INCOME
Online Access:	http://hdl.handle.net/10986/31461

id	okr-10986-31461
recordtype	oai_dc
spelling	okr-10986-314612021-05-25T10:54:37Z Inaugural RAMP Survey on the Reserve Management Practices of Central Banks : Results and Observations World Bank CENTRAL BANK BANK RESERVE MANAGEMENT PUBLIC ASSET ASSET FOREIGN CURRENCY EXCHANGE SURVEY STRATEGY PUBLIC GOODS INCOME In the spring of 2018, the World Bank Treasury's Reserves Advisory and Management Program (RAMP) concluded its inaugural survey on central banks' reserve management practices. RAMP sought to assess whether there had been a significant evolution in this activity over the past two decades given: 1. The substantial increase in global foreign exchange reserves over that time period; and 2. The extraordinary policy responses to the unprecedented macroeconomic and investment environment during and after the global financial crisis. The survey results show that most central banks continue to employ a traditional approach: their reserve holdings are concentrated in high-quality fixed-income assets, and the minimum credit rating for their investments remains conservative. At the same time, the data suggest important changes are under way as a material number of central banks reported more diversified portfolios with exposure to nontraditional asset classes: a third of respondents hold corporate credit, most of which are investment grade, and almost one in five own mortgage-backed securities or equities, although mostly in limited allocations. Our analysis of this information did not find a relationship between respondents' measures of reserve adequacy and the size of their exposure to nontraditional asset classes. The data do show considerable cross-country differences in the way central banks manage their reserves and, in some circumstances, our analysis suggests these differences correlate with respondents' country income groups. 2019-03-29T15:49:44Z 2019-03-29T15:49:44Z 2019-04-15 Survey http://hdl.handle.net/10986/31461 English Development Knowledge and Learning; CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Working Paper
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	CENTRAL BANK BANK RESERVE MANAGEMENT PUBLIC ASSET ASSET FOREIGN CURRENCY EXCHANGE SURVEY STRATEGY PUBLIC GOODS INCOME
spellingShingle	CENTRAL BANK BANK RESERVE MANAGEMENT PUBLIC ASSET ASSET FOREIGN CURRENCY EXCHANGE SURVEY STRATEGY PUBLIC GOODS INCOME World Bank Inaugural RAMP Survey on the Reserve Management Practices of Central Banks : Results and Observations
relation	Development Knowledge and Learning;
description	In the spring of 2018, the World Bank Treasury's Reserves Advisory and Management Program (RAMP) concluded its inaugural survey on central banks' reserve management practices. RAMP sought to assess whether there had been a significant evolution in this activity over the past two decades given: 1. The substantial increase in global foreign exchange reserves over that time period; and 2. The extraordinary policy responses to the unprecedented macroeconomic and investment environment during and after the global financial crisis. The survey results show that most central banks continue to employ a traditional approach: their reserve holdings are concentrated in high-quality fixed-income assets, and the minimum credit rating for their investments remains conservative. At the same time, the data suggest important changes are under way as a material number of central banks reported more diversified portfolios with exposure to nontraditional asset classes: a third of respondents hold corporate credit, most of which are investment grade, and almost one in five own mortgage-backed securities or equities, although mostly in limited allocations. Our analysis of this information did not find a relationship between respondents' measures of reserve adequacy and the size of their exposure to nontraditional asset classes. The data do show considerable cross-country differences in the way central banks manage their reserves and, in some circumstances, our analysis suggests these differences correlate with respondents' country income groups.
format	Survey
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Inaugural RAMP Survey on the Reserve Management Practices of Central Banks : Results and Observations
title_short	Inaugural RAMP Survey on the Reserve Management Practices of Central Banks : Results and Observations
title_full	Inaugural RAMP Survey on the Reserve Management Practices of Central Banks : Results and Observations
title_fullStr	Inaugural RAMP Survey on the Reserve Management Practices of Central Banks : Results and Observations
title_full_unstemmed	Inaugural RAMP Survey on the Reserve Management Practices of Central Banks : Results and Observations
title_sort	inaugural ramp survey on the reserve management practices of central banks : results and observations
publisher	World Bank, Washington, DC
publishDate	2019
url	http://hdl.handle.net/10986/31461
_version_	1764474379146625024

Inaugural RAMP Survey on the Reserve Management Practices of Central Banks : Results and Observations

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