Foreign exchange reserve management

The management of foreign exchange reserves is also a Eurosystem mission which is implemented by the national central banks. The BCL holds and manages part of the Eurosystem’s foreign exchange reserves in gold and in foreign currencies. Their amount is determined by a distribution key corresponding to the BCL’s contribution to the ECB’s capital, pursuant to the rules applicable to the Eurosystem. The BCL also manages its own funds.

One objective of managing the ECB’s foreign exchange reserves is to ensure that in case of need, the ECB has access to a sufficient amount of liquidity to carry out interventions on the foreign exchange market. Security and liquidity are therefore basic requirements for reserve management. In the framework of this portfolio management, the first task of the BCL is to invest the foreign exchange reserves it was entrusted with by the ECB, within defined fluctuation margins and risk limits.

The BCL also offers reserve asset management and deposit services to third parties (central banks, monetary authorities, state institutions and international organisations).

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For further informations concerning our reserve asset management and deposit services to third parties, please contact: