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Does the central bank ask the government to pay or are they rolled over?

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The bonds mature and pay the principal.

However, central banks tend to reinvest the principal, keeping their holding amounts relatively stable over time. This can be validated by looking at central bank balance sheet statistics.

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Opinion poll from focus economist asks similar question about Fed and ECB QE. Some respondents say QE will be phased out slowly others just say they will continue holding those assets for long time.

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Either of these two options can happen in principle. In fact there is even a third option where central bank just decides to retire the bond - meaning government never has to pay back or roll over (in some countries there might be legal constraints on this option but I am talking in general terms).

What will any central bank decide to do when that time comes will depend on the discretion of whoever is at particular time appointed to lead the central bank.

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