Those are our fixed liabilities. As we issue these liabilities, we buy financial assets from the market. We do not pay interest on our liabilities. However the financial assets we hold, typically domestic and foreign government bonds, do pay interest. So we generate a large net interest income simply because we pay nothing on virtually all our liabilities.
Therefore, I strongly believe that the central banks should continue to be committed to enhancing market  1  “Foreign Exchange Working Group” (FXWG), which consists of 16 central banks, was established under the auspices of the BIS Markets Committee to facilitate the establishment of a single global code of conduct for the foreign exchange market and to promote greater adherence to the code.