Conservatism in central banking ‘may not exist in 10 years’

Reserve managers at Spring Meetings 2025 share frustrations and discuss new strategies

Central Banking Spring Meetings 2025
Delegates enjoy lunch at the Central Banking Spring Meetings 2025
Petri Oeschger

Central banks have had to take on a much more active role to protect the value of their reserves – and this trend is likely to continue, according to reserve managers at the Central Banking Spring Meetings 2025.

During a panel discussion, reserve managers spoke about the evolving role of external managers, different approaches to strategic and tactical asset allocations (SAAs and TAAs) and central banks’ changing priorities.

Shift to returns

Reserve managers are coming under increasing pressure to

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