In 2021, with investors desperate for positive returns, it is even more difficult for central banks, by definition conservative investors, to find new investments opportunities that would improve their yields without deviating much from their core principles of safety, liquidity and return. Increasingly, they have explored uncharted territories and pushed the boundaries by adopting new instruments or entering new markets – instruments and markets that central banks would have shied away from a decade ago. The responsibilities of reserve managers have become ever more complex in today’s
