03-07-2025
Central Banks Fret More Over FX ‘Weaponization,' UBS Survey Says
The 'weaponization' of foreign exchange is posing a growing headache for central bank reserve managers, giving them more reason to boost their holdings of gold.
The share of managers who regard the geopolitical weaponization of FX reserves as an investment risk increased sharply to 49% in 2025 from 32% last year, according to a UBS Group AG survey of nearly 40 central banks completed last month. In 2023, the figure was 14%.
