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Press Release No.1 2002 - Foreign Exchange Exposure in Commonwealth Debt Portfolio

Date:

Friday, 22 February 2002

Content ID:

224

Abstract:

The Commonwealth has maintained a foreign currency exposure as an element of the debt portfolio for many decades. Since the late 1980s, the foreign currency exposure has had a strategic benchmark target of around 10-15 per cent of the entire debt portfolio.

This small foreign exchange exposure was maintained as part of the integrated debt management strategy to meet long-term cost and risk objectives. The strategy was implemented after independent, specialist advice. Both JP Morgan (in 1989) and UBS (in 1996 and 1998) concluded that a small foreign currency exposure in the portfolio could assist in meeting portfolio cost and risk objectives.

For further information visit the AOFM website at www.aofm.gov.au.

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