Reserve Management at Central Banks

TARGET GROUP | Mid-level to senior public officials from central banks working in reserve management-related functions and ministries of finance or economics.

DESCRIPTION | This course provides a comprehensive overview of central bank reserve management, with particular emphasis on reserve tranching, investment objectives, and the design of reserve investment frameworks. Participants will examine how central banks structure reserves to meet liquidity, safety, and return objectives, and how strategic and tactical asset allocation decisions are translated into portfolio implementation. The course covers benchmark design, portfolio optimization and the role of long-term capital market assumptions in the investment process. Furthermore, portfolio management with respect to government bonds, corporate bonds, equities and foreign exchange products are addressed. In addition, participants will discuss reserve management practices across different exchange rate regimes and operational aspects of reserve management. Practical examples and case studies from central banks will illustrate key concepts and support the exchange of experiences among participants.

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Course Details

Start: 20270922Sep 22
End: 20270924Sep 24

Language: English

Sponsoring Organization: OeNB/SRB

Admin Arrangements


Application Deadline: June 20, 2027

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