Liquidity management has always been at the heart of central banking, but the past year has tested central banks’ ability to stay on top of this critical role. The Covid-19 crisis sent rapid shocks through repo markets, foreign exchange and government bonds, triggering a ‘dash for cash’. With the need to intervene in fast-moving markets changing hour by hour, central banks’ treasury systems were pushed to the limit.

Through the turmoil, Refinitiv’s central bank clients were able to rely on the