《2025年储备管理调查报告：公共资产管理洞察》，第五版

INSIGHTS INTO PUBLIC ASSET MANAGEMENT Reserve ManagementSurvey Report 2025 INSIGHTS INTO PUBLIC ASSET MANAGEMENTTHE FIFTH EDITION ©2 0 2 5 I N T E R N A T I O N A L B A N KF O RR E C O N S T R U C T I O N A N DD E V E L O P M E N T/T H E W O R L D B A N K 1818 H Street NWWashington DC 20433Telephone: 202-473-1000Internet: www.worldbank.org RiGHTS AND PERMiSSiONS The material in this work is subject to copyright.Because The World Bank encourages thedissemination of its knowledge, this workmay be reproduced, in whole or in part, fornoncommercial purposes as long as fullattribution to this work is given. Any queries on rights and licenses, includingsubsidiary rights, should be addressed to: World Bank PublicationsThe World Bank1818 H Street NWWashington, DC 20433, USAFax: 202-522-2625E-mail: pubrights@worldbank.org COVER PHOTO © BazziBa / Adobe Stock /stock.adobe.com.Used with permission; further permissionrequired for reuse. PREFACE DiSCLAiMER This work is a product of the staff of TheWorld Bank, with external contributions.The findings, interpretations, andconclusions expressed in this work do notnecessarily reflect the views of The WorldBank, its Board of Executive Directors, orthe governments they represent. The WorldBank does not guarantee the accuracy,completeness, or currency of the dataincluded in this work. It does not assumeresponsibility for any errors, omissions,or discrepancies in the information orliability for the use of or failure to usethe information, methods, processes, orconclusions set forth. The boundaries,colors, denominations, and otherinformation shown on any map in this workdo not imply any judgment on the part ofThe World Bank concerning the legal statusof any territory or the endorsement oracceptance of such boundaries. Nothingherein shall constitute or be construed orconsidered to be a limitation upon or waiverof the privileges and immunities of The WorldBank, all of which are specifically reserved. The Reserve Management Survey Reportprovides the main results of the fifthsurvey on reserve management practicesconducted by The World Bank Treasury’sReserve Advisory and ManagementPartnership (RAMP). ACKNOWLEDGEMENTS This report was produced by the TreasuryAdvisory and Asset Management (TREAA)Department under the general direction ofKatarzyna Zajdel-Kurowska, Director, TREAA.The project was led by Eric Bouyé, Manager,Product, Knowledge & Research (TREPK),and Marco Ruiz, Manager, Advisory andPartnership (TREAP). The survey design and data analysis forthis report were coordinated by RomainDeguest. Individual contributors to thereport include Nikoloz Anasashvili, IngaAristakesyan, Parameswari Arunasalam,Elisa Baku, Ha Thi Van Dao, Rezart Erindi,Fabio Filipozzi, Anne van der Graaf, CarmenHerrero Montes, Anna Hyrske, Joey HyunJoon Lee, Varun Mohur, Juan CarlosQuintero, Gary Rice, Jérôme Teïletche,Daniel Vela Barón, and Ri Yu. Diana Clokey, Zarina Dela Cruz, BrittanyDiMonte, and Adriana Rivera Villarrealcontributed to the preparation and thedistribution of the survey. Zarina Dela Cruz led the design and thereport’s production, with editorial assistancefrom Adriana Rivera Villarreal. The report benefited from comments andsuggestions from staff. In particular, we thankAbderrazzak Many and Robert Ryan Lucas fortheir comments. Contents 1 Introduction9 Survey background and methodology11 Trends in Reserve Management17 GOVERNANCE17 Organizational structureReserve management staffReporting and transparencyDisclosure to the public17202224 STRATEGIC ASSET ALLOCATION (SAA)26 TranchingRisk toleranceInvestment horizonDurationCurrency composition of reservesNumeraireAsset eligibilityAsset allocationGold 262830313239404348 PORTFOLIO MANAGEMENT 53 Active managementDerivatives, investment instruments, and investment strategiesExternal managementManagement style of equity holdings53576062 FINANCIAL RISK MANAGEMENT 64 Credit risk managementMarket risk managementLiquidity risk management Sustainable Investing73 Information Technology (IT) and Operations81 Straight-through processing systemsUse of artificial intelligence and machine learningCustody servicesFutures commission merchants (FCM)Benchmarking operations servicesCash and securities accounts reconciliation818486899192 DETAILED RESULTS Survey background and methodologyGovernanceStrategic asset allocation (SAA)101102102 Figures & Tables107 Foreword Sound reserve management is essential for financial stability, economic resilience, and nationalprosperity. In a world shaped by inflation risk, shifting monetary policy cycles, and geopoliticaluncertainty, central banks face the challenge of preserving safety and liquidity while seeking adequatereturns and building institutional capacity. The Biennial World Bank Reserve Management Survey Report of 2025, conducted by the Treasury’sReserve Advisory and Management Partnership (RAMP) team for the fifth time, offers a comprehensiveview of how reserve managers are respond