In this post I am presenting an early draft version of the paper Global reserves management and a companion presentation to be shown at the FindEcon conference on 10 May in Lodz. We developed a new concept of Opportunity Cost of Holding Ample Reserves (OCHAR). It seems large in recent years and high OCHARis probably pushing central banks to give more weight to achieving higher returns on their reserves. Final version of the paper will be posted next week. Comments welcome!