RAMP is a program developed within the World Bank Treasury that builds human capital, delivers asset management services, and convenes a network of practitioners—all in one. Established in 2001, the Partnership serves over 70 members, including mostly central banks as well as international financial institutions, pension funds and sovereign wealth funds. Together, RAMP members manage over $2 trillion of sovereign assets.
Has the pandemic fundamentally changed reserve management? Insights from 119 central banks
World Bank All About Finance Blog by Carmen Herrero, Philip Dongsoo Hong, Daniela Klingebiel, Robert Lucas and Maro Ruiz
What challenges do central banks face to implement environmental, social, and governance investing?
World Bank All About Finance Blog by Eric Bouyé, Dr. Daniela Klingebiel and Marco Ruiz.
Serving Public Asset Managers Globally for Two Decades: The Reserve Advisory & Management Partnership (RAMP)
World Bank Voices Blog by MDCFO Anshula Kant, Vice President & Treasurer Jingdong Hua, Asset Management & Advisory Department Director Thérèse Couture.
Strengthening Central Bank Reserve Management During a Global Crisis
World Bank Voices Blog by MDCFO Anshula Kant, Vice President & Treasurer Jingdong Hua, Asset Management & Advisory Department Director Thérèse Couture, and RAMP Manager Dr. Daniela Klingebiel
ESG Investing: A Primer for Central Bank Reserve Managers
This primer responds to central banks’ growing demand for knowledge on social, governance, and environmental considerations (ESG) in the investment process. This area has gained traction in the last two decades. More recently, central banks’ interest in ESG has increased, but much of the information available is aimed at investors with different investment objectives and broadly diversified portfolios. The authors fill that information gap by reviewing the definitions of ESG and the main ESG investment approaches, including their applicability to asset classes. The authors then examine how foreign reserve managers can apply ESG investing in their reserve management operations. The authors find limited scope for implementing ESG strategies in reserve management, given that most central banks still invest primarily in sovereign bonds of major economies. Yet, the authors also identify opportunities and critical considerations for central banks interested in implementing ESG investing in their reserve management operations.
Central Bank Governance and Reserve Portfolios Investment Policies: An Empirical Analysis
This paper uses a unique survey data set of 105 central banks to investigate whether investment policies for central bank foreign reserve portfolios are linked to the governance arrangements for reserve management. The analysis yields four key findings. First, internal governance arrangements matter for foreign reserve portfolio investment policy; the empirical results indicate that reserve portfolios are more diversified in central banks in which the middle office directly reports to the board. Second, controlling for the level of reserves, the macroenvironment, and the broader governance environment, reserve portfolios are more diversified in central banks where the back, middle, and front offices are separated. Third, the regression analysis also reveals that central banks in countries where the Ministry of Finance has an obligation to cover negative equity have fewer eligible currencies and are therefore less diversified. Fourth, central banks where boards actively exercise portfolio oversight usually have portfolios with more risk and diversification. Portfolios with longer investment horizons, more currencies, and a broader set of asset classes have performed better historically while limiting downside risk. Given that the analysis controls the broader governance environment, the data indicate that any central bank can improve its internal governance regardless of the external governance environment.
RAMP Note Series (Members Only)
RAMP Note 1
RAMP Note 2: Inflation and Its Impact on Asset Classes
RAMP produces the biennial Central Bank Reserve Management Practices Report within input from over 120 central banks. An exclusive data set, the report provides valuable insights into reserve management operations across the world, enabling countries to improve operations and their resilience to economic shocks.
Fourth Biennial Report
Forthcoming in Fall 2023
Third Biennial Report
Central Bank Reserve Management Practices: Insights into Public Asset Management (2021)
Second Biennial Report
Central Bank Reserve Management Practices: Insights into Public Asset Management from the Second RAMP Survey (2020)
First Biennial Report
Inaugural RAMP Survey on the Reserve Management Practices of Central Banks: Results and Observations (2018)
Wendy D’Arbasie is Manager of the Reserves and Domestic Market Management at the Central Bank of Trinidad & Tobago, where she is responsible for managing foreign currency reserves.
Víctor Vásquez is Director of the International Department at the Bank of Guatemala, where he is responsible for the management of foreign exchange reserves.
Ms. Sohyoung Park is the Portfolio Manager of the Investment Strategy Division at the Korea National Pension Service (NPS), where she is responsible for managing the investment portfolio analyses and strategic asset allocation.
Mr. Abdiel Santiago is the Secretariat of the Panama Savings Fund, where his role includes the responsibilities of both a chief executive officer and chief investment officer.
Ly is the Director of Exchange Management Department at the National Bank of Cambodia (NBC), where he is responsible for managing foreign reserves of NBC and implementing domestic exchange rate policy.
Simona Colaiacomo is Head of Treasury and Senior Financial Officer at the Food and Agriculture Organization of the United Nations, where she is responsible for the Organization’s cash and liquidity management, foreign exchange operations, and investment management activities.
Mr. Ilia Galabov is the Director of Risk Analysis and Control Directorate at the Bulgarian National Bank (BNB), where he is responsible for risk management.
