Concluding remarks There can be no doubt that the game has changed for central bank reserves managers. The fast changing world and investment landscape is requiring of reserves managers to adapt to a playing field that is characterised by high levels of uncertainty and volatility, resulting in the need to reconsider investment strategies on a more frequent basis.
This will necessitate SAA processes that are vigilant and rigorous. Old and trusted assets are not yielding returns and some are even eroding capital. New instruments and assets that fall within the familiar and accepted investment universe are not plentiful.