1、iReserveManagementSurvey Report 2025THE FIFTH EDITIONINSIGHTS INTO PUBLIC ASSET MANAGEMENTiiRESERVE MANAGEMENT SURVEY REPORT 2025 2025 INTER NAT IO NAL BANK FOR RECON ST R U CT IO N AND DEV ELOPMEN T /T H E WO R LD BANK1818 H Street NW Washington DC 20433 Telephone:202-473-1000 Internet:www.worldban

2、k.org RiGHTS AND PERMiSSiONS The material in this work is subject to copyright.Because The World Bank encourages the dissemination of its knowledge,this work may be reproduced,in whole or in part,for noncommercial purposes as long as full attribution to this work is given.Any queries on rights and l

3、icenses,including subsidiary rights,should be addressed to:World Bank Publications The World Bank 1818 H Street NW Washington,DC 20433,USAFax:202-522-2625E-mail:pubrightsworldbank.orgCOVER PHOTO BazziBa/Adobe Stock/.Used with permission;further permission required forreuse.Reserve ManagementSurvey R

4、eport 2025INSIGHTS INTO PUBLIC ASSET MANAGEMENTTHE FIFTH EDITIONPREFACEThe Reserve Management Survey Report provides the main results of the fifth survey on reserve management practices conducted by The World Bank Treasurys Reserve Advisory and Management Partnership(RAMP).ACKNOWLEDGEMENTSThis repor

5、t was produced by the Treasury Advisory and Asset Management(TREAA)Department under the general direction of Katarzyna Zajdel-Kurowska,Director,TREAA.The project was led by Eric Bouy,Manager,Product,Knowledge&Research(TREPK),and Marco Ruiz,Manager,Advisory and Partnership(TREAP).The survey design an

6、d data analysis for this report were coordinated by Romain Deguest.Individual contributors to the report include Nikoloz Anasashvili,Inga Aristakesyan,Parameswari Arunasalam,Elisa Baku,Ha Thi Van Dao,Rezart Erindi,Fabio Filipozzi,Anne van der Graaf,Carmen Herrero Montes,Anna Hyrske,Joey Hyun Joon Le