HSBC Reserve Management Trends 2019
First published:
ISBN: 978 1 78272 982 2
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Implementing a corporate bond portfolio: lessons learned at the NBP
Juliusz Jabłecki and Magdalena Zielińska
Foreword
The cashless society?
Executive summary
Trends in reserve management: 2019 survey results
Implementing a corporate bond portfolio: lessons learned at the NBP
Sovereigns and ESG: Is there value in virtue?
A methodology to measure and monitor liquidity risk in foreign reserves portfolios
Reserve management: A governor’s eye view
How Singapore manages its reserves
Appendix 1: Survey questionnaire
Appendix 2: Survey responses and comments
Appendix 3: Reserve statistics
Over the past two decades, the foreign exchange reserves portfolio of the Narodowy Bank Polski (NBP) has grown roughly in line with the growth in global reserve assets. By the end of October 2018, FX reserves – assets denominated in foreign currencies, mainly in the form of securities, deposits and repo/reverse repo transactions – had reached the equivalent of $105.3 billion, about 20% of GDP, securing Poland’s position among the 20 largest global reserves holders (see Figure 2.1).
However, with virtually no FX interventions and a floating exchange rate, the key factor driving reserves
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