Amongst others, I would like to mention Mrs Denise Flouzat, former member of the Monetary Policy Council at the Banque de France, who will be chairing the afternoon session.
Reserve management The BIS paper notes that large foreign exchange reserves expose central bank balance sheets to significant losses mainly from two sources: losses on holding of reserves due to exchange rate appreciation and carrying costs – the difference between the interest rate cost of funding the reserves and the return on foreign assets is the carrying cost of reserves.