Efforts to tackle the spread of Covid-19 unleashed major market disruptions in March 2020, with liquidity even drying up in the US Treasury market. It also hampered the daily operations of market participants. Central banks across the globe, charged with the responsibility of managing reserves, were not immune to these disruptions, including some of the clients served by the World Bank’s Treasury.

The World Bank Treasury manages $200 billion of assets both for itself and for others. The group