Reserves management, Asset classes, Central banks, Foreign exchange reserves, External management reserve


This paper discusses in detail, various asset classes available to both active and passive reserves managers and analyse the performance of the asset classes held mostly by central banks. Following an introduction, the paper is structured as follows: Section two reviewed literature on reserves management, including motives and what guides the decisions of the investment committee in determining asset classes. Section three analysed the various asset classes that reserves managers invest in, while section four evaluates the major central banks' asset classes' performance over the lost fifteen years covering the period before and after the 2008 global financial crisis. Section five concludes the paper.

Author Bio

The authors are staff of Reserves Management Department, Central Bank of Nigeria.

Publication Title

CBN Bullion







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